JP Morgan has been given the green light by London City Airport to build one of the tallest office towers in Europe in Canary Wharf.
CGI of the riverside development building
Following talks, the US banking giant has secured approval from airport officials for a tower reaching 265m, well above Canary Wharf’s current tallest building One Canada Square at 235m, according to the Financial Times.
JP Morgan revealed plans to build a £3bn tower spanning 3m sq ft for its UK headquarters in November. The firm has since been in talks with the airport over building height restrictions.
Any developments within 10km (six miles) of the airport are considered to be in its ‘area of interest’ and require approval from safeguarding officials. The proposed tower sits four miles west of the City airport.
The bank is understood to have sought to achieve the “maximum height possible to maximise investment”. Now talks with the airport have concluded, JP Morgan is understood to be finalising designs for the tower, with a planning application expected in the near future.
The tower, designed by Foster + Partners, would be the largest and most expensive office building in London and one of the largest in Europe.
However, the plans still face another hurdle, with the bank seeking a business rates incentive package with Tower Hamlets, the mayor of London and the government to help progress its plans.
Tower Hamlets Council is currently exploring mechanisms to grant the firm a business rates discount for the project, according to council documents, although precise details of the tax break have not yet been agreed.
Council documents state the government has indicated that JP Morgan is unlikely to progress without clarity and certainty on business rates liabilities.
Please visit:
Our Sponsor