New City of London Gracechurch Street tower with food and drink venues, pop-up market and viewing gallery

The new tower at 70 Gracechurch Street will see ‘substantial’ elements of the existing structure retained – roughly 60 per cent – with food and drink spots and a public viewing gallery also included in the plans.

A previous scheme for the site was approved by the City of London Corporation in 2021. Its former owner, Hong Kong-based developer Tenacity, however sold to development company Stanhope and Ontario Teachers’ Pension Plan in 2022.

As well as the retention of more of the existing building, changes to the plans included slicing a level off, with the previous scheme to stretch up 34 storeys. A pop-up market is also envisaged on the ground floor.

Jenny Hammarlund, Senior Managing Director, Real Estate at Ontario Teachers’ Pension Plan, said the approval will enable the team to ‘deliver a world-class, sustainable office development’. The 70 Gracechurch Street site is on the corner of Gracechurch Street and Fenchurch Street, not far from the Walkie-Talkie building or the Grade-II* listed Leadenhall Market. Marks and Spencer most recently occupied the corner of the site, though the store closed in 2023.

Two objections from local residents were submitted against the proposal. One, which was written on behalf of three flats, raised concerns about the impact on light and pollution, stating they ‘don’t see how we can exist here in those conditions’.

Check out the latest developments in London

The Local Democracy Reporting Service (LDRS) has previously spoken to a resident living in a nearby flat, Will Ryan, who is named in one of the objection letters. He said he may have to rent a second home during the construction phase, with the nearby 85 Gracechurch Street also of significant concern.

While not objecting, Historic England and the Surveyor to the Fabric of St Paul’s Cathedral also filed representations to raise the potential for harm to heritage assets such as the Tower of London, in particular given the growing number of tall buildings approved in the east of the City. The application was recommended for approval by Corporation planning officers.

Mann Vergan, one of the residents objecting to the proposal, told members at Tuesday morning’s (February 11) Planning Applications Sub-Committee meeting that locals are concerned about the cumulative impact of not just 70 Gracechurch Street but other nearby developments such as 85 Gracechurch Street.

He warned there is a ‘disregarding’ of the effects on Leadenhall Market and the wider Conservation Area, adding: “It is of a big concern to us what’s happening with the construction of all these skyscrapers around us, especially this one.”

Nick Jarman, Senior Development Director at Stanhope, said the team has sought to minimise the impact on residents, noting consultations done prior to the application being submitted. Asked by Deputy Brian Mooney why objections were still received given the level of engagement, Richard Ward from consultancy DP9 said the consultation was ‘extremely comprehensive’ and that there were attempts to reach all neighbours.

He said: “I think the position that they took very early on was that nothing we could do would change their decision,” adding that while the team had reached out on several occasions, the residents’ take was ‘we don’t see the point in meeting with you because our position won’t change’.

See what’s going on in London - check us out on TikTok

Deputy Natasha Lloyd-Owen asked Corporation officers for more information on the carbon emissions associated with the scheme, noting that while the output per square metre is better for the new proposal than the consented redevelopment, no overall figures are given.

She was told the Corporation has no figure for the total carbon emissions anticipated as part of the 2021 scheme due to a discrepancy in the data provided by the project’s consultant. It was reiterated however that the new proposal will deliver fewer emissions on a per square metre basis, and that it includes far greater retention of the existing building.

The changes made to the application when compared to the consented scheme were praised by several members including Deputy Marianne Fredericks. She did however question whether officers have a wider plan for delivering retail units in the area, given the expectations of some businesses relocating from Canary Wharf where there are extensive food and shopping options.

Officers said they are working with groups such as the local Business Improvement District (BID) to develop the area, though that the Corporation’s own evidence has indicated Leadenhall is one of the areas with the lowest demand for new retail over the next 15 years.

Deputy Fredericks also spoke on the concerns from residents. She said: “I want some assurance that we will ensure the applicants completely reach out to the residents and work with the residents to reduce the disruption. Not what we might think of disruption, but what they will consider disruption, given this is their home and they will be there the vast majority of the time this construction is taking place.”

Go beyond the story - sign up for our LondonWorld newsletter

Committee Chair Deputy Shravan Joshi summed up by praising both the application’s improvements when compared to the previous scheme and its contribution to the City skyline. When put to a vote, the scheme was approved with no objections and just two abstaining.

Ms Hammarlund said: “We are delighted that the City of London has resolved to grant consent for our plans for 70 Gracechurch Street, allowing us to deliver a world-class, sustainable office development. This project will enhance the eastern cluster and create a vibrant new gateway to Leadenhall Market, enriching the area for businesses and the wider community.

“We’re looking forward to the next stages of the development process and working with the project team to deliver this industry leading sustainable new building for the Square Mile.”