Site clearance work has been underway since revised plans for the 50-storey tower were approved by the City of London Corporation last autumn

Developer Mitsubishi Estate London, development manager Stanhope and construction manager Lendlease have now broken ground on on the site which will be home to 560,000 sq ft of prime office space, a public viewing gallery at its summit and ground floor retail units.

Construction work is scheduled to complete in late 2022 on the £300m project.

Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, said: “This long-term project is a key strategic investment for Mitsubishi Estate London, and the groundbreaking underlines our ongoing confidence in the City of London’s position at the forefront of international commerce.

“The tower will be a landmark scheme for the Square Mile, and we anticipate significant interest from occupiers attracted by the development’s unrivalled location, distinctive design and high-quality space.”

David Camp, chief executive of Stanhope, said: “We are delighted to be continuing our partnership with Mitsubishi Estate on this striking landmark building for London.

“8 Bishopsgate will deliver the next generation of office building that will improve occupier experience and attract high quality occupiers from within and outside of the City of London.”