JP Morgan gets green light to build Canary Wharf’s tallest tower

JP Morgan has been granted approval to build the tallest skyscraper in Canary Wharf.The Wall Street banking giant is forging ahead with plans to construct a 869ft tower in the east London financial district, which is located three miles from London City Airport.The proximity had led to talks over height restrictions between JP Morgan and City Airport, although an agreement has now been reached, as first reported by the Financial Times.This will pave the way for the bank to build the third-tallest tower in London, which will also rise above One Canada Square, currently Canary Wharf’s largest tower at 774ft.The skyscraper will cost £3bn to build and will be JP Morgan’s new UK headquarters, housing up to 12,000 staff.Designs for the tower will now be finalised before the bank files a planning application for the scheme, to be determined by Tower Hamlets local authority.The proposed height of the tower would place it just behind The Shard and 22 Bishopsgate in London, although this does not include skyscrapers still under construction.That includes 1 Undershaft, which is slated to match the height of The Shard after it is built.The dispute over height focused on the tower’s position within a safeguarding zone of City Airport, three miles west of the financial district.Planes approaching London City follow a glide path of 5.5 degrees, nearly twice the standard angle used at most airports, because they are descending close to Canary Wharf’s skyscrapers. This steeper approach requires specialist pilot training.As for the tower itself, JP Morgan is still seeking support from the Government for the project.This includes a request for a discount on a commercial property tax, known as business rates, according to a report filed with Tower Hamlets council in recent weeks.The report noted the “Government has indicated that JP Morgan is unlikely to progress without clarity and certainty on business rates liabilities”.The tax break could save the banking giant millions of pounds, although JP Morgan has said the development could contribute £9.9bn to the British economy over the next six years.Jamie Dimon, JP Morgan’s chief executive, rubber-stamped his approval for the tower in November, the day after Rachel Reeves’s Budget spared banks tax increases.JP Morgan and City Airport declined to comment. Canary Wharf Group has been contacted for comment.