The 74-storey office tower known as 1 Undershaft will deliver nearly 1.7m sq ft of prime office space.

The stepped skyscraper will top out at the same height, when benchmarked against sea level, as the Shard, soaring to the 309.6m maximum ceiling permitted by the civil aviation authority.

Architect Eric Parry designed One Undershaft with WSP on the client team as multi-disciplinary engineer, and Aecom as cost consultant.

Future London city cluster skyline

The top two floors will be fully glazed and provide access as public viewing galleries open 7 days a week and into the evenings.

1 Undershaft will also feature a 2,500 sqm publicly accessible podium garden 42m above street level with a striking structural glass floor

Singapore developer Aroland Holdings and development manager Stanhope are hoping to start demolition of the existing 1968-built 28-storey Aviva Tower early next year.

But before work starts the plans will need to go before the Greater London Authority for further assessment and then to housing and communities  secretary Angela Rayner for final sign off.

The City Corporation’s decision to approve the proposals comes as the latest Deloitte Crane survey revealed that new construction project starts fell across London, except for in the Square Mile, where new construction activity edged up by 7%, as the City remains a favoured location to invest and develop.

The project is a big boost to the City Corporation which has set a target of delivering a minimum of 13m sq ft of new office space by 2040.

A 7m tall digital screen at the base of the tower will show a rolling programme of sporting and cultural events every day

Chairman of the City of London Corporation’s Planning and Transportation Committee, Shravan Joshi, said: “1 Undershaft is a truly remarkable building that will not only help to deliver on the demands for economic growth, through the high-quality office space it offers, but also contribute to the City’s growing cultural offer and tourist appeal.

“As another, much-needed office development gets approved in the City of London, it speaks to the confidence that global investors have in the London real estate market and the UK economy more widely.

“I’m particularly pleased that we will be able to work with the London Museum to open the uppermost floors of 1 Undershaft to schoolchildren and local communities, a classroom in the sky, developing another inclusive, unique visitor destination that makes the Square Mile the best place to live, work, play and invest.”