The City of London is one of the busiest parts of the UK. It is a thriving district for finance and business, home to numerous office buildings and much more. There are plans for a new addition to this too with a massive 74 storey skyscraper in the works. However, the project is encountering many challenges. We want to have a closer look at this today as it is one of the most interesting plans for property investment in the City of London.
Proposals
The project by Stanhope is known as 1 Undershaft. The design would create the second tallest building in the UK, matching the Shard. It would be a maximum height of 309.6m. There would be almost 2 million sq/ft of space, including 1.8 m sq/ft of high quality modern offices. Plus, there would be a roof garden on the 11th floor, as well as educational space and public access spaces courtesy of a partnership with the Museum of London.
This is an interesting proposal. Stanhope believes it is necessary, particularly because the estimate is the area will need 12 million sq/ft of additional office space by 2040. Crucially here, the spaces will need to be flexible and accessible. The buildings will need to be sustainable too, ensuring excellent energy efficiency and a small carbon footprint. Their design aims to deliver on all of these points.
A notable thing about the project is this isn’t the first proposal for the site. An earlier design from almost 10 years ago actually got planning permission in 2016. However, it did not come to fruition. The newer designs were revealed in August 2023.
What next?
Stanhope’s plans went before a planning meeting on 2nd July. This was an important step for potentially one of the biggest pieces of property investment in the City of London. However, the result was not what they were hoping for. The decision was ultimately to defer, with a vote of 9 to 6 plus 2 abstentions. The deferral means the planners want more time to consider the application before making a decision.
There was some opposition to the proposals too. One criticism was about the size of the new building. It would be massively bigger than the current St Helen’s Tower, which is 118m.
Another bone of contention is the loss of public realm space at St Helen’s Square. Many locals see it as an important thoroughfare and convening space. So, they don’t want to lose it. While arguing against though, many say they don’t want to completely block the project; they want to improve it.
It will be interesting to see what comes next here. There is evidence that the area will need the extra high quality office space. However, there is definitely an impact to consider because of the size of the building. Counsellors will need to reconvene in the future to determine whether to give permission or send the project back to the drawing board again.
Do you want help with property investment in the City of London?
At Finefair Ltd, we appreciate that the Square Mile is a very attract place for investments. It is the beating heart of commerce in the UK. However, there are big challenges, including the need for modern, flexible spaces to meet the current needs of businesses. There is also work to make the area more of a destination rather than a place that only comes to life during typical working hours.
We are happy to support clients who consider investing in the area and elsewhere in London. Our range of services is impressive, including portfolio management and guaranteed rent. We can be the ideal partner for property investment in the City of London and other locations. So, get in touch today and learn more.
