Rising from the stump of the Pinnacle, the tower for Generation X and Y workers

The tallest skyscraper in the City is ready to rise from the stump of the abandoned Pinnacle tower after 10 years of disputes and financial setbacks.

The new owners of the Bishopsgate site today revealed their plans for a 912ft high building costing more than £500 million that would eclipse the nearby Heron Tower by more than 150 feet.

It will serve young Generation X and Y workers - many in the tech sector - who expect “wellbeing” amenities such as a medical centre, yoga classes, cafés, a big-screen entertainment room and library.

The tower will also have London’s highest restaurant and bar on the top two floors, as well as a free public viewing gallery.

Veteran developer Sir Stuart Lipton of property firm Lipton Rogers said the tower would be the first of a new type of “more relaxed, less stressful” vertical office “villages”.

“It will be a big village. You might want to go to a lecture on the second floor, a debate, a TED talk. All the way up through the building there will these places to stop.

"The feel will be not unlike a BA lounge where there are people sitting at desks, some at a bar, some on a settee, others around a table. On the way in you will be able to tap an app and say ‘deliver a latte to my desk on floor 37 at 9.20am’.”

He claimed that the 62-storey building - provisionally known as 22 - will also be the most cycle-friendly in the City with basement spaces for 1,500 bikes for the 12,000 people working there.

The plans also include 100 showers, a bike club, a repair shop and “safe biking” classes. It is also hoped that the number of daily deliveries to tenants can be cut by three quarters to reduce traffic on the Square Mile’s roads.

The design of the three-tier “stepped” profile of the summit of the tower was determined, in part, by the requirement to avoid intruding on “protected” views from St James’s Park, Sir Stuart said.

If approved later this year by City planners, the new owners of the site - a consortium of investors led by French-owned Axa Real Estate - will start by demolishing the seven storeys of the core of the Pinnacle that were built before work was scrapped in March 2012.

The first planning application for 22 Bishopsgate was submitted in 2005 when the proposed skyscraper became known as the “Helter Skelter” because of its “wraparound” design.

The site was bought by Axa from Arab Investments in February in a deal thought to be worth around £300 million.

However, Arab Investments will continue to own the bar and restaurant level and are believed to want to create a glamorous night-time venue similar to XS in Las Vegas or TAO in New York.