Cadillac Fairview and Stanhope launch City tower project

Cadillac Fairview and Stanhope have launched plans to develop a new office-led tower in the City of London. The pair’s joint venture bought 70 Gracechurch Street, EC3, from Hong Kong’s Tenacity in April 2022. The site had planning permission for a 34-storey scheme, approved by the City of London Corporation the year before. Now the new owners envisage a partial demolition of the existing eight storey building and the development of a 32-storey tower comprising office and retail space. Paperwork lodged with the City corporation as part of a request for an environmental impact assessment opinion said the plans are “still evolving”. The existing building has an empty ground floor retail once let to Marks & Spencer. Office occupiers include flex operator Orega, which runs space on four floors. Check out planning decisions in the City of London >>