Property developer and asset management company St Martins has gained planning permission for one of the last development sites left at Paternoster Square in London.
Consent was given for a project at 5 Cheapside, which is intended to feature 87,000 square feet of office space, as well as a further 20,000 square feet of retail and public space at ground level.
The eight-story development was designed by John McAslan and Partners and includes two stories underground.
The scheme is controversial because, as a historic area on the doorstep of St Paul’s Cathedral, any new development is expected to remain sensitive to the site’s existing character.
English Heritage took exception to the planning application, feeling that the proposed building did not fit ‘the aims of the Whitfield master plan to create a calm, understated form of development which allows the cathedral to remain preeminent.’