UK REIT British Land and private equity firm Blackstone Group have received planning permission for their development of a new office complex for financial services firm UBS in the City of London.

The City of London Planning Committee granted the planning application to the 5 Broadgate project on Tuesday. The complex will provide a total net office floor space of 66,890 m2. It will include four trading floors capable of accommodating 750 traders per floor, allowing UBS to bring its trading operation together in one building in the City.

Chris Grigg, CEO of British Land, said: 'The City, in its decision today, has acknowledged the importance of the current and future needs of key occupiers for attractive, flexible and sustainable floor space, the retention of UBS in Broadgate and the maintenance of London’s status as a world class financial centre.'

In its Committee Report, the City described 5 Broadgate as a 'striking and eye catching addition to the new architecture of the City' and in its Design Review the Government’s design adviser, CABE, said that the project is an exciting opportunity for a major new building in the City of London'.