UK developer Landsec has secured a unanimous resolution to grant a revised planning permission for its proposed 564,000-sq-ft development at 21 Moorfields, London, paving the way for a new headquarters for Germany’s Deutsche Bank.
The City of London Corporation said it was "delighted" to approve the scheme, which it said demonstrated the bank’s "high level of confidence" in the City.
21 Moorfields is directly above Moorgate underground station and the western entrance to the Liverpool Street Crossrail station.
In July 2017 Landsec and Deutsche Bank exchanged a pre-let agreement for the bank’s new London headquarters at 21 Moorfields on a 25-year lease, conditional on achieving revised planning consent, with Deutsche Bank committing to take a minimum of 469,000 sq ft.
Landsec and Deutsche Bank have collaborated on the design, which they say will deliver a world-class headquarters for one of the largest employers in the City of London.
Landsec had already committed to construct the substructure, which is due to complete in March 2019, and now expects that construction will continue straight through to practical completion, anticipated in November 2021.
Announcing the news yesterday, Colette O’Shea, Managing Director, London Portfolio, Landsec, said: "We welcome the resolution to grant planning permission and look forward to continuing to work in partnership with Deutsche Bank and the City of London Corporation to deliver this strategically important site."
Chris Hayward, Planning and Transportation Committee Chairman, City of London Corporation, said: "We are delighted to have unanimously approved the scheme for the new Deutsche Bank headquarters at 21 Moorfields.
"With the Elizabeth line supporting the creation of an estimated 63,000 jobs in the City of London and Isle of Dogs, this office, located above a future station, fits in well with the City’s ambitions for growth.
"Deutsche Bank’s move demonstrates a high level of confidence in the City of London as a leader in financial and professional services. The City Corporation remains committed to supporting businesses with an additional 1.37 million square meters of office space under construction that has the potential to accommodate 85,000 workers."
Images: Artist’s render of the completed office scheme at 21 Moorfields, EC2, London (21-moorfields.com)