As part of the development, which is being spearheaded by Landsec, the building at 55-56 Old Broad Street will be refurbished to create a new mixed use development in the space.
Some 33,000sqm of office floorspace, along with funding for local job brokerage and training services, will also be created as part of the build.
The £500m scheme will also restore the Grade II Listed Bishopsgate Bath House and open it to the public for the first time.
The development will reportedly take over three years to complete with construction starting in 2025.
However, news of the go ahead was met with push back from charity The Victorian Society who described the move as “very very sad.”
In a statement published on X, formally known as Twitter, they said: “Today the City of London planning committee approved the application that will allow a developer to cantilever over the Bishopsgate Bathhouse. Our caseworker spoke at the meeting. We are very, very sad.”
Shravan Joshi, chairman of the City of London Corporation planning and transport committee, said: “With its contributions to our need for office space, improving accessibility for pedestrians and cyclists, transforming the City into a seven-day-a-week visitor destination, as well as our climate action goals, the 55-65 Old Broad Street scheme will become a great asset for the Square Mile.”
“That is why we are actively looking for opportunities for development proposals to enhance and better reveal the City’s heritage assets, so that they can be accessed and enjoyed by the widest possible audience.”
Oliver Knight, head of Workplace at Landsec, added: “Demand for modern, sustainable workspace designed with wellbeing in mind is growing and there will be a significant constraint on supply over the coming years as other developers pause projects.
“Alongside modern offices, retail space and greatly improved public realm around the building, this scheme has the opportunity to become a 7-day a week destination – generating long-term value for the City, creating a place where people want to come together to work, create and spend time.”