New 42-Storey Development Approved Near Liverpool Street

Planning permission was granted on 8 July for the 42-storey scheme at 120 Bishopsgate, clearing the way for 220,000 square feet of Grade A offices and 180 private flats on a site directly opposite the main entrance to Liverpool Street station.

The decision arrives as buy-to-let investors return to central London following the stamp duty surcharge cut and as office demand rebounds along the Elizabeth Line corridor. Developers have watched rents in the Square Mile climb 12 percent year-on-year, and the new tower is expected to capture tenants priced out of older stock around Bank and Monument.

Local market effects

The project sits in Zone 1, where average flat prices already exceed £850,000. It will sit between the existing 22 Bishopsgate tower and the newly refurbished Broadgate estate, linking two of the City’s busiest pedestrian routes. Local agents report that pre-let interest has already come from two US law firms and a fintech company that previously considered space in Canary Wharf.

Transport data released by Transport for London last month showed Elizabeth Line passenger numbers at Liverpool Street running 28 percent above 2024 levels, giving the new development an immediate connectivity advantage. The same figures recorded average journey times from Zone 4 stations such as Ilford and Romford cut by 22 minutes, supporting forecasts that residential values along the line will rise another 9 percent by the end of 2027.

Next steps for buyers and tenants

Construction is scheduled to begin in the first quarter of 2027, with practical completion targeted for late 2029. Marketing of the 180 flats will open in September through a joint agency of Savills and Knight Frank, with prices starting at £725,000 for one-bedroom units. Investors are being offered a 5 percent assured rental yield for the first three years under a management agreement with a City-based operator.

Anyone tracking the scheme can register for updates on the City of London planning portal or contact the developer’s community liaison team, which will hold a public exhibition at the Guildhall on 22 July. Early registration is advised, as the 180 units are expected to be fully reserved within six months of launch.