Plans to build a 62-storey tower at the site once earmarked for the Pinnacle skyscraper have overcome a major hurdle.
The City of London this week moved to overcome a planning dispute that threatened the development of 22 Bishopsgate.
The developers behind the ambitious commercial scheme – Axa Investment Managers Real Assets and Lipton Rogers – had called on the authority to intervene in an ongoing rights of light dispute they claimed posed a “significant threat” to the scheme.
The City of London Corporation’s planning and transportation committee this week voted to temporarily acquire the land for planning purposes under section 237 of the Town and Country Planning Act 1990.
A spokesperson for the corporation said: “It should be stressed that the use of these section 237 powers, under the Town & Country Planning Act, are used sparingly and are always given careful consideration by the City of London Corporation.
“In this instance, the view of the committee was that their decision was justified and this was a major development which will result in significant improvements to the local area, increased floor space and help create jobs.”
A spokesman for the developers said: “We remain committed to working with all our neighbours in an open fashion, as well as the City of London, as we progress this important scheme, and today’s decision is a positive step forward in allowing us to bring forward the development of 22 Bishopsgate within the intended timetable.”