As the focal point for finance and business in the capital, the City of London is constantly undergoing many changes and developments. One of the most significant in recent years is the plan to construct the Square Mile’s tallest skyscraper, which will stand at 62 storeys high and be located on the 22 Bishopsgate site. The plan is for the skyscraper to open in 2019, providing offices for approximately 100 companies employing up to 12,000 people. There will also be a free viewing gallery for public use, as well as spaces for shops, restaurants and other businesses on the ground floor.

However, the development has not proceeded without difficulty; there has been opposition from the owners of nearby buildings, concerned that their light would be blocked by the new skyscraper. This opposition was threatening to cause delays to the project, but it now seems that the issue has been resolved, at least for now.

The City of London has backed the developers and voted to allow them to temporarily acquire the site. This was possible as there is a section of law which states “right to light” claims can be overruled for the construction of buildings which will benefit the public, as long as the complainants are compensated. This strategy is rarely employed, but was previously used to enable the development of the City’s “Walkie Talkie” skyscraper at 20 Fenchurch Street.

This judgement was reached because it was determined that the new skyscraper will significantly improve the local area and provide new employment opportunities, qualities which will undoubtedly help to make property investment much more attractive in this area. Developments such as these inevitably have an impact on demand for property in the local area, as well as property values, making this significant news for those who own a property investment in the City of London or who are planning to purchase one. If you would like any advice on this issue or need help managing your portfolio, get in touch with our team and we will provide the support you need.