Proactive Investors - Lloyd’s of London chair Bruce Carnegie-Brown has reaffirmed his opposition to the development of what is set to be the tallest skyscraper in the City of London.
Standing at 73 storeys high and a handful of metres short of The Shard, 1 Undershaft “would rob the City of a really important convening space” by encroaching on an existing public square, Carnegie-Grown said in a letter shared by the Financial Times.
Carnegie-Brown believes it would contradict the Square (NYSE:SQ) Mile’s “commendable record of opening up additional public space at street level” alongside new developments.
His intervention comes ahead of a crucial planning committee vote, nearly ten years after the project was first proposed.
1 Undershaft, which is intended to replace the existing 23-floor tower formerly occupied by Aviva (LON:AV), was initially approved in 2016 with a design by architect Eric Parry.
It will sit smack bang in the middle of iconic buildings 22 Bishopsgate (currently the City’s tallest), The Cheesegrater (aka 22 Leadenhall), the Gherkin; and Lloyd's of London own Grade-1 listed building.
Aroland Holdings, backed by Singaporean tycoon Kuok Khoon Hong, is driving the project in collaboration with developer Stanhope.
The proposed redevelopment includes an 11th-floor garden and a top-level viewing gallery open to the public, but it also reduces the open space at the base known as St Helen’s Square.
Carnegie-Brown argued that the 11th-floor garden would be “significantly less attractive than the space it would replace”.
Historic England, alongside other neighbouring building owners, has also objected to the development, citing concerns over the bulk of the new design and the loss of public space.