The proposals would see construction of an eighteen courtroom facility and a new state-of-the-art headquarters for the City of London Police alongside a commercial development that will help fund the scheme.

The masterplan and design work is being undertaken by a team led by award-winning architects Eric Parry Architects.

Catherine McGuinness, Chair of the Policy and Resources Committee at the City of London Corporation said: “Maintaining London’s position as a world leading centre for legal services is essential as we lay the foundations for our economic recovery.

This project aims to deliver a new civic hub that will house a state-of-the-art combined court and a new headquarters for the City of London Police in the heart of the Square Mile’s legal and financial services cluster.

“It will serve to reinforce our reputation as a place to do business and ensure we are able to adapt to the changing demands placed on the justice system. It will also be transformational for the Fleet Street area, opening up new vistas and public spaces by rejuvenating a tremendously historic area.”

Early public consultation on the Fleet Street scheme has now been launched with the aim to submit a planning application towards the end of this year.