The 70 Gracechurch Street project will provide 550,000 sq ft of office space and ranks as one of the city’s largest retrofit projects.

The 155m tower will be stepped, with three glazed office elements split vertically.

Plans for a similar building on the site were first brought forward by Hong Kong developer Tenacity.

These were approved in 2021, but the scheme failed to progress leading Stanhope to buy the site and form a partnership with Ontario Teachers’ Pension Plan to take the project forward.

Under the original plan, the existing 10-storey Marks and Spencer office building on the corner of Gracechurch Street and Fenchurch Street was to be completely demolished. Now much of the structure will be incorporated into the new building helping to reduce the carbon footprint.

To accommodate the increased height of the building, new tower columns will be threaded through the existing building frame and basement slabs to be supported on a new concrete raft.

Where possible, new columns will be supported on existing column locations, with the existing structure being strengthened.

The project is expected to go to construction in 2028.