The City of London has agreed to acquire a stake in a 50-storey Wilkinson Eyre scheme to help the developer combat right-of-light disputes that could scupper the project.

Mitsubishi Estate last year won planning permission for the development, at the corner of Bishopsgate and Leadenhall Street, which will deliver 86,000sq m of office space, along with a top-floor public viewing gallery and shop, café and restaurant space. The proposals are 10 storeys taller than an earlier incarnation of the scheme approved in 2015.

Earlier this year, the developer – also known as MEC London Property – warned the City that the prospect of disputes with neighbouring landowners over the impact of the scheme meant it was unable to commit to around £24.5 million of groundworks and foundations over the next six months.

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