Axa plans to build a major new skyscraper near the Gherkin
- Axa IM Alts has submitted a planning application to construct a 46-storey tower in London.
- The project includes plans for a public park at the base and is estimated to cost over £750 million.
- If approved, this development would be Axa's third skyscraper in London since the pandemic.
The City of London is set to see yet another transformation as Axa IM Alts, the investment arm of French insurer Axa, has recently submitted a planning application. This application concerns the demolition of an existing office block located at 63 St Mary Axe, which is situated close to the iconic Gherkin building. The proposal outlines plans for erecting a new skyscraper that will reach 46 stories in height, complete with a public park at its base. Experts in construction have estimated that the entire project will require an investment of approximately £750 million, showcasing Axa's commitment to developing prime real estate in the capital. This skyscraper would mark the third major development Axa IM Alts has pursued in London since the onset of the pandemic, illustrating the company’s strategic move to expand its footprint in an area renowned for high-value properties. The first was 22 Bishopsgate, which currently holds the title of the tallest building in London. The initiative to build another towering structure further reflects the ongoing trend of urban development and investment in the City, demonstrating that demand for skyscrapers remains strong despite the economic uncertainties brought about by the recent global health crisis. If approved, the new addition would likely enhance the surrounding area's skyline and contribute to the architectural diversity of the City of London, which already features a unique blend of historical and contemporary designs. The inclusion of a public park at the base of the tower also signifies Axa's intent to provide community spaces that support urban life amid a growing city. Community feedback and planning approval from the City of London Corporation will play a crucial role in determining the project's fate. The growing demand for sustainable and multifunctional urban spaces could result in a highly contested application process, pointing to the complex challenges urban developers face today. However, if the plans proceed smoothly, it will signal positive momentum for the London real estate market, reinforcing investor confidence in high-rise developments going forward.