City of London approves third tower in a month as developers back Square Mile’s future

The City of London Corporation has approved a new 38-storey development at 2 Finsbury Avenue, making it the third tall building to receive planning permission in the Square Mile in 2021..

The newly approved office-led development, by British Land and GIC, aims to become an innovative, inclusive and sustainable place to work, visit and learn. The scheme, which is designed by Danish firm 3XN, incorporates new ways of working with flexible and adaptable workspace suitable for a range of occupiers – from incubators and start-ups to medium sized business. An innovative ‘Open Learning Hub’ will be provided as a way for local communities to access the City’s knowledge and expertise through formal learning programmes, informal networks and talks from institutional providers.

The scheme is targeting BREEAM ‘Outstanding’ through high sustainability standards including the adoption of Circular Economy and Whole Life Carbon Principles. The design has been assessed by the City’s new, cutting edge Thermal Comfort Index.

The scheme will widen pavements and create a new north to south pedestrian route connecting Finsbury Avenue Square to Sun Street, adding new public realm with vibrant retail frontages.

The development exceeds policy standards on both long and short stay cycle parking spaces, providing a combined total of more than 1,500 new cycle spaces. A prominent cycle entrance and integrated cycle workshop promotes healthy modes of transport, in line with the City Corporation’s Transport Strategy.

Chair of the Planning and Transportation Committee at the City of London Corporation, Alastair Moss, said:

“The high-quality design for 2 Finsbury Avenue is yet another step in the radical transformation of Broadgate as a thriving and vibrant destination in the City. It will re-enliven the Liverpool Street area through better pedestrian connectivity, improved urban greening and the enhancement and activation of the public realm.

“The developers have ensured sustainability remains at the core of the scheme and have embraced emerging trends for the post-pandemic world, including flexible and adaptable office space to address new ways of working.

“This is the third tall building application to be approved by the Planning and Transportation Committee this year which shows that the fundamental strengths of the City remain unrivalled. 2 Finsbury Avenue is yet another bold example of solid commitment to the City of London by developers as the nation looks toward the steps to unlock national restrictions.”

British Land is investing £1.5billion over 10 years to transform Broadgate into a world-class, mixed-use destination for London.  The development at 2 Finsbury Avenue offers more than 83,000 sqm of office floorspace, more than 700sqm of retail space and more than 2,100 sqm of learning space.

So far this month the City Corporation’s Planning and Transportation Committee have awarded planning permission to the proposal for 70 Gracechurch Street on 16 February and to the proposal for 55 Gracechurch Street on 26 January.

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