Demolition of the existing site and subsequent construction works are expected to being next year and be completed in 2029.

The 103,000 sqm scheme will provide 14% of the projected office demand required for the Square Mile up to 2036, including co-working and affordable workspace.

At 284 metres, 55 Bishopsgate will become the third tallest tower in the Square Mile, behind the 1 Undershaft scheme (305m) and 22 Bishopsgate (295 m).

Chairman of the City of London Corporation Planning and Transport Committee, Shravan Joshi, said: “I am delighted to see the 55 Bishopsgate scheme granted planning permission which sets a high bar for others to follow.

“The free, public viewing gallery and external platform will deliver an exciting and inclusive resource for all to enjoy, bringing us closer to our Destination City vision to transform the Square Mile into a seven-day-a-week visitor destination.

“Decisions like these also cement the City’s position as the world’s leading international financial and business centre. The site is central to the City’s growth modelling and will make a huge contribution to the office space needed to meet projected economic and employment growth demand.”