Urban Decarbonisation: London’s First Sustainable Skyscraper
London continues to establish itself as a global leader in sustainable urban development.
The latest approval of a cutting-edge skyscraper at 70 Gracechurch Street highlights the City's commitment to environmentally responsible growth.
This project aims to set new benchmarks in retrofitting and sustainable construction while meeting the growing demand for high-quality office space.
London’s 70 Gracechurch Street development
Planning permission has been granted for an innovative 33-storey skyscraper at 70 Gracechurch Street, the former headquarters of Marks & Spencer (M&S).
The City of London Corporation has approved the project as part of its commitment to high-quality, sustainable developments in the capital.
The building, originally constructed in the 1990s, will provide more than 550,000 square metres of much-needed sustainable office space in the City.
The reconstruction of the new sustainable skyscraper will be carried out by the JV team of Ontario Teacher’s Pension Plan (OTPP) and Stanhope Plc.
Shravan Joshi, Chairman of the City of London Corporation's planning applications sub-committee, highlighted the significance of the approval: “The City is leading the way on both policy and delivery to reduce carbon emissions and waste from development.
“It signals once more to investors that the Square Mile is open for sustainable business.”
The development will feature a pioneering approach to sustainability by incorporating substantial retrofitting within a new-build tower.
The existing building’s structure and materials will be retained and reused – significantly reducing the project’s carbon footprint.
The current seven-storey site will undergo a dramatic transformation, including a 26-floor extension.
Rising demand for sustainable offices
As sustainability requirements tighten, demand for top-tier, energy-efficient office spaces in London has surged.
By 2027, an estimated 70% of office buildings in the City could become ‘unlettable’ due to stricter minimum energy efficiency regulations.
This trend, known as the ‘flight-to-quality,’ has driven the availability of newly constructed office buildings in the City down to just 0.5%, causing prime rents to increase by 16% over the past year according to property consultancy Knight Frank.
A transformational project for London
The 70 Gracechurch Street property is among several major projects recently approved, including 1 Undershaft which is set to become the Square Mile’s tallest tower and a scheme to regenerate the Barbican.
Jenny Hammarlund, Senior Managing Director of Real Estate at OTPP, expresses: “We are delighted that the City of London has resolved to grant consent for our plans for Seventy 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.”
Beyond office space, the skyscraper will feature a public viewing gallery on the 32nd floor, three major cultural spaces and a new pedestrian connection from Fenchurch Street to Ship Tavern Passage.
London’s commitment to sustainability
The approval of 70 Gracechurch Street aligns with London’s broader push towards sustainability.
The City has implemented ambitious carbon reduction targets, promoting retrofitting and sustainable urban development to ensure it remains a global leader in green infrastructure.
Transport for London (TFL) recently announced the roll out of tram-like buses help cut the UK’s transport emissions – these vehicles will be powered via electricity.
Another huge way London is planning to reduce its carbon, is through its partnership with Siemens.
Siemens is helping fund EV’s throughout London, focusing on electric buses as well as metro trains.
Karl Blaim, Managing Director and Chief Financial Officer of Siemens Mobility comments: “This great moment further solidifies our long-term commitment to the advancement of the UK's rail industry.
“Siemens Mobility has a proud history of over 180 years in the United Kingdom and has been transforming rail, travel, and transport in Britain. Our dedicated team of 5,500 UK employees is committed to delivering top-quality transportation solutions, from Britain, for Britain.”
Initiatives such as the London Plan and the Net Zero 2030 goal reinforce the capital’s commitment to creating environmentally responsible and economically competitive spaces for businesses and communities alike.
Explore the latest edition of Sustainability Magazine and be part of the conversation at our global conference series, Sustainability LIVE.
Discover all our upcoming events and secure your tickets today.
Sustainability Magazine is a BizClik brand
