70 Gracechurch Street City of London property development, Fenchurch Street Shoreditch building

70 Gracechurch Street City of London

East London Development in Shoreditch / Spitalfields, England, UK, for Ontario Teachers’ Pension Plan and Stanhope Plc

12 February 2025

70 Gracechurch Street Office Building News

Design: Kohn Pederson Fox Architects – KPF

Address: 70 Gracechurch Street, City of London, London EC3V 0HR, United Kingdom

Seventy Gracechurch Street – City Corporation Approve A New Landmark Sustainable Office Building In The Heart Of The City

images courtesy of KPF and Kiasm

70 Gracechurch Street City of London News

• Seventy Gracechurch Street will deliver 550,000 sq ft of high-quality office space and a new southwestern gateway from Fenchurch Street through to Leadenhall Market.

• The plans will increase footfall and connectivity across the area and act as a catalyst to the regeneration of the southern part of Leadenhall Market.

• Consented proposals will retain and refurbish the existing building and provide a public viewing gallery at the 32nd floor.

• At 33 storeys this will be one of the largest retrofit projects of its kind and will significantly decrease the amount of embodied carbon, compared to the full demolition proposed by the previous scheme that was consented in 2021.

• The applicant JV team of Ontario Teachers’ Pension Plan and Stanhope Plc aim to complete the redevelopment by Summer 2032.

12th of February 2025 – The City Corporation’s Planning Applications Sub-Committee has (Tuesday 11 February 2025) resolved to grant consent for Ontario Teachers’ Pension Plan and Stanhope plc’s proposals for a new landmark sustainable office building at Seventy Gracechurch Street, located at the corner of Gracechurch Street and Fenchurch Street.

The KPF designed proposals will deliver much needed Grade A office space, a new public connection from Fenchurch Street through to Ship Tavern Passage, and North to Leadenhall Market, and three major new cultural uses, including a roof-level viewing experience at level 32.

The new building improves significantly on the previous designs, with the latest technology deployed to reduce both embodied and operational carbon. The originally consented design proposed the complete demolition and redevelopment of the existing building at Seventy Gracechurch Street.

Jenny Hammarlund, Senior Managing Director, Real Estate at OTTP, said:

“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.

We’re looking forward to the next stages of the development process and working with the project team to deliver this industry leading sustainable new building for the Square Mile.”

Chairman of the City of London Corporation Planning Applications Sub-Committee, Shravan Joshi, said:

“Attention is always drawn towards the latest large new office developments in the City, but when it comes to innovative sustainable solutions, 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.

“Incorporating retrofitted buildings into new developments is crucial for meeting our net zero goals and by working with the industry to deliver pragmatic policies, we aim to be the most attractive and sustainable global financial centre for generations to come.”

Seventy Gracechurch Street City of London

· Stanhope plc and Ontario Teachers’ Pension Plan developed plans for Seventy Gracechurch Street following the purchase of the site in April 2022.

· The plans are designed by world-leading architecture practice Kohn Pederson Fox (KPF) and reimagine a previous planning consent granted in 2021 with many elements of the existing building re-used and the site transformed to become a new southwest gateway to Leadenhall Market and align with the City Corporation’s ‘Destination City’ ambitions.

· At level 32, visitors will enjoy a new roof-level viewing experience featuring an indoor gallery and outdoor garden terrace. This space will host art exhibitions and community events and will be free to the public through the evenings and weekend.

· Further information on the plans can be seen on the project website.

The Seventy Gracechurch Street project team includes:

• Stanhope, Development Manager
• Kohn Pedersen Fox, Architect
• Arup, Multidisciplinary Engineer
• Robert Bird Group, Engineers
• DP9, Planning Consultant
• Momentum, Transport Consultant
• Hatch, Social Value and Culture Consultant
• LCA, Community Engagement Consultant

Stanhope

Stanhope PLC is Development Manager for Seventy Gracechurch Street acting on behalf of OTPP.

Stanhope is a developer and asset manager with more than 25 years of experience in delivering high-quality developments that optimise value for partners and communities in London. They are known for their strong partnership approach and innovative responses to complex urban development opportunities.

Stanhope has delivered more than 30 million sq ft, and achieved £40 billion of end value, delivered and under construction. They have delivered some of London’s most dynamic and longstanding landmarks, from Tate Modern to Television Centre. Recent projects include White City Place, Woolgate and 8 Bishopsgate.

Ontario Teachers’ Pension Plan

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.

KPF / Kohn Pedersen Fox

Images: KPF and Kiasm

70 Gracechurch Street City of London building design images / information received 120225

Phone: +44 800 840 5509

Location: 70 Gracechurch St, City of London, London EC3V 0HR, United Kingdom