Australian contractor Brookfield Multiplex is set to begin construction of a £ 450 million (US$ 681 million) skyscraper in the City of London.

Developer Lipton Rogers’ plans for the 62-storey tower at 22 Bishopsgate have been signed off by London Mayor Boris Johnson, following last month’s planning permission approval from the City of London.

Architects PLP designed the structure on behalf of the owners, a consortium led by AXA Real Estate.

The skyscraper will utilise the foundations and basement level of the ill-fated Pinnacle tower, which reached seven storeys before building work was abandoned in 2012, in the face of the global economic crisis.

Construction of 22 Bishopsgate is expected to begin in March 2016, with completion set for 2019.

As well as being a workplace for around 12,000 people, the tower, with over 130,000 m2 of net usable space, will host shops, restaurants, medical and education facilities, and also boast London’s highest free-to-visit viewing gallery.

At 278 metres, the new building will be the tallest in London’s Square Mile, although it is set to be demoted soon after, with plans recently unveiled to build a 73-storey tower at the neighbouring address of One Undershaft.

Both buildings, if and when completed, will be close in height to London’s Shard, which remains the tallest building in Western Europe.

The 22 Bishopsgate project will reportedly conform to the Delos standard, the world’s first building standard to focus on human health and wellness and assesses people using the building to measure, certify and monitor features that impact health and wellbeing.

It is also designed to achieve a BREEAM Excellent rating and a 25% carbon saving compared with the previous project, partly due to the triple glazed ultra-efficient façade.

Boris Johnson said of the development, “After lying abandoned for four years, 22 Bishopsgate will now get off the ground, providing much needed office space for thousands of city workers and a positive addition to the world-class architecture of the capital’s skyline.”

Sir Stuart Lipton of Lipton Rogers, said, “The Mayor has recognised 22 Bishopsgate as a major contribution to the on-going vitality of the City of London with a distinguished and interesting building that includes a number of new innovations designed to put the health and wellness of people first and which aims to be the first building in London to adopt the new Delos WELL building standard.”

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