Commercial property specialist Landsec has received the green light to begin work on Deutsche Bank’s new 564,000 sq ft HQ in London.
Landsec has secured planning permission for its proposed 564,000 sq ft development at 21 Moorfields, EC2.
Deutsche Bank signed a pre-let agreement on the site back in July on a 25-year lease, conditional on achieving revised planning consent.
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.
Colette O'Shea, managing director London portfolio at 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 at the City of London Corporation, added: "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."