London Is Open: New Skyscraper Set To Dominate The City

London is about to get a new addition to its iconic Skyline. The 62 storey Skyscraper, ’22 Bishopsgate’, will be located next to The Gherkin and Heron Tower.

The development faced fierce opposition from those arguing the building will not just ‘add’ to London’s skyline, but ‘dominate’ it. These concerns seem justified, at a huge 278 meters tall 22 Bishopsgate will dwarf its neighbour the Gherkin which stands at 180 meters.

22-bishopsgate2
Developer AXA Investment Managers Real Assets has set a completion date of September 2019

Objector’s to the project included members of the public, Royal Parks, the London boroughs of Tower Hamlets and Islington and the charity Historic Royal Palaces. The charity expressed concerns that the building’s “broad shoulders” will overshadow the Tower of London.

DMZ acknowledges these concerns and agrees that care should be taken to ensure that the ongoing development of London’s skyline is done tastefully and not to the detriment of the surrounding area.

But with ever increasing competition between London and other mega cities like New York and Dubai, compounded by Brexit jitters, we believe the Capital should be cautious not to scare off large developers with increased red tape and NIMBY (“not in my back yard”) objections.

The chairman of planning and transport at the City of London, Chris Hayward, said: “This decision to continue with what is a key development in the City of London’s eastern cluster demonstrates the high level of investor confidence in London’s future growth.”

The imposing new skyscraper is expected to cost £1.1bn once completed. £1.5Bn if you include the £400m spent on the failed Pinnacle project.

DMZ feels that post-Brexit, the decision to expand Heathrow and now the approval of 22 Bishopsgate sends a clear message to the rest of the world that London is open for business.

What is DealMakerz Prime?

In depth stories

Want to know the story behind Britain's latest property mogul? Why a company is going bust? Our coverage goes beyond run-of-the-mill news on key real estate issues.

High powered community

Our subscribers are made up of the most influential Founders and CEO's in UK property. Gain a competitive edge and get informed - read what they read.

Exclusive guest articles

Understand exactly what the most senior figures in UK property are thinking. Exclusive opinion articles from powerful real estate influencers that move markets.

You might also like