Developer Canary Wharf Group has been granted full planning permission for 1 Bank Street and outline planning permission for 1 Park Place at Canary Wharf by Tower Hamlets Strategic Planning Committee.

Designed by Kohn Pederson Fox (KPF), 1 Bank Street will be a striking new 700,000 sq ft building with 27 storeys including three levels of state of the art trading floors, a retail unit at ground level, a free-standing retail kiosk on South Dock Promenade.

There will also be public access to a new promenade along the South Dock. Site enabling works commenced earlier this year and construction will begin later in 2015.

Société Générale, one of Europe’s most important banking institutions, has already agreed a lease for 280,000 sq ft of 1 Bank Street.

It will occupy the ground and first to seventh floors on a 25 year lease at a rent of £47.50 per sq ft and 36 months’ rent free commencing from the summer of 2019.

Following a resolution to grant at Strategic Development Committee in 2014, outline planning permission has been granted at 1 Park Place. Consent has been given for an office building comprised of up to just over 1 million sq ft of floorspace.

The Council will now determine a reserved matters application for this office building which is designed by Squires & Partners but there are no immediate plans to develop this site.