CIT to raise Finsbury Tower

Islington Council has approved CIT’s plans for a 12-storey extension to the 16-storey Finsbury Tower, EC1, close to Old Street roundabout.The new scheme is similar to another scheme the private equity investor recently completed at the South Bank Tower, SE1. Here, CIT added 11 floors on top of a 30-storey tower.When complete, Finsbury Tower will rise from 16 storeys and 79m in height to 28 storeys and 124m. The extension will create 136,562 sq ft of additional office space. Included within that total will be 10,000 sq ft of affordable workspace designed for small- and medium-sized businesses. This space is to be handed to the council as head lessee and will be offered at a peppercorn rate in perpetuity.

The new scheme will provide more than 500 cycle parking spaces and be car-free, losing the 85 spaces it now offers.Twenty-five social rent homes are also planned in a six-storey standalone building as well as 14,300 sq ft of retail space.The architect is Horden Cherry Lee, the planning adviser is DP9.CIT declined to comment