One New Change will offer over 500,000 sq ft office and retail space to the East of St Paul's Cathedral.
Developer Land Securities has received planning permission for a new retail and office development next to St Paul's Cathedral. One New Change in the City of London has been designed by French superstar architect Jean Nouvel.
The Corporation of London's Planning and Transportation Committee granted permission for the development which is situated to the east of St Paul's Cathedral.
Detailed plans were approved for the creation of a new 220,000ft2 retail destination over three floors; making it one of the largest consolidated retail spaces across central London.
The development will also comprise approximately 340,000ft2 of office accommodation with extensive new rooftop public space for local residents, workers and visitors.
Welcoming the Committee's decision, Mike Hussey, managing director of the Land Securities London Portfolio said: "One New Change will be a development of exceptional quality which has been carefully designed to create a vibrant commercial hub for this important City community."
"Our plans for a wholly new and extensive retail opportunity close to St Paul's and with access to the City and Southbank will truly open up New Change and Cheapside as a first class destination for visitors."