Bank tube station’s new entrance on Cannon Street is due to have an office block on top, and construction work has now started.

To allow the Bank tube station upgrade project to have space at the street level for construction work, a rather nondescript 1970s office block was demolished. The site was used for access down to the tunnels and to build the new Cannon Street entrance.

It was always intended to replace the office block, and plans for an eight-storey building to be built as a joint venture between Helical and TfL property company, Places for London, were approved in July 2022.

The joint venture has now secured £125 million of development financing to construct the new office block. Simultaneously, the joint venture has signed a building contract with McLaren, with construction work already underway and the building scheduled to complete in December 2026.

The office development is by TfL and AspireDM, with Weston Williamson + Partners as architects.

The first of three initial sites in Helical’s joint venture with Places for London, the eight-storey office development will deliver 139,000 sq ft of office space, with 7,260 sq ft of terracing, 1,950 sq ft of ancillary retail. The building is targeting the highest ESG credentials including BREEAM Outstanding, NABERS 5* and WELL Platinum.

Scott Anderson, Head of Property Development at Places for London, said: “Our investment alongside HSBC and Helical in this best-in-class workspace is a key part of our wider strategy to grow long-term income for Transport for London, to be reinvested into the public transport network. This development will unlock the full potential of this well-connected part of central London used recently for the upgrade of Bank station and will provide London’s construction industry with vital training, skills and employment opportunities throughout construction.”