The 73-storey building will provide almost 1.4 million sq ft of office accommodation, while the top of the building will be a free public viewing gallery and host London’s highest restaurant. 

Aroland Holdings is the developer behind 1 Undershaft. 

The construction of the building will require the demolition of the existing Aviva Tower.

A new public space will also be created at ground level, while Aroland Holdings has been in talks with the Museum of London over a dedicated gallery at the top of the building.

Chris Hayward, chairman of the City of London Corporation’s planning and transportation committee, said he was delighted to approve 1 Undershaft and felt it was a unique building that fits in with the City’s history. 

“Over the next 30 years I expect that we will need to deliver office space for more than 50,000 extra workers within the Square Mile, and this development is important in reaching that end goal.

“This development shows the high levels of investor confidence in London’s status as a global city following our decision to leave the European Union.

“I believe this building will play an important part in increasing London’s attraction as the world’s leading financial centre.”