Hammerson will develop the scheme jointly with the Japanese investor Kajima, having bought out Stanhope's share of the development rights in 1988 for a rumoured £1. Stanhope had spent almost a decade attempting to negotiate a viable planning consent and to regear the headlease with the Corporation of London.

The project involves the retention of Plaisterers Hall, one of the City's traditional Livery Halls and the construction of two new pedestrian walkways.

Last month Hammerson raised £83.6 million ($119 million) with the sale of Senator House, London EC2 to Australian financial services group Challenger International. Chief Executive John Richards said at the time that the proceeds would be reinvested in City projects. 'I remain confident in the outlook for both rents and values for prime office buildings in central London,' he said.

In addition to One London Wall, Hammerson has another major City development under way at 280 Bishopsgate, where it bought out the Spitalfields Development Group's interest in the former Spitalfields market site.

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