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The City of London has formally approved its plan to build 1.2 million sq m of office floorspace over the next 16 years.

The City Plan 2040 has been rubber stamped by the Square Mile鈥檚 primary decision making body, the Court of Common Council, the last of three committees votes it needed to pass.

The document, which also sets out how the City will attempt to become a seven-day-a-week cultural and leisure destination, had previously been approved by the planning and transportation committee and the policy and resource committee.

It will now be published for public consultation before being evaluated by an independent planning inspector and finally being sent to the secretary of state for approval later this year.

Policy chairman and political leader of the City of London Corporation, Chris Hayward, said: 鈥淭he City is an asset to London, the UK and the world. It creates jobs, drives investment and is home to many precious heritage assets, all of which are for the benefit of communities, both domestically and overseas.

鈥淎s policy chairman and political leader of the City of London Corporation, I want to urge everyone connected with the Square Mile to participate in the public consultation round, to ensure that the City can realise its potential as the most innovative, inclusive and sustainable place to invest, work, live, learn and visit.鈥�

New details released earlier this year outlined three 鈥渒ey areas of change鈥� where the new office floorspace will be built, including two areas earmarked for tall buildings.

Most of the new floorspace will be mopped up by the City cluster, the group of towers in the eastern half of the City where Stanhope wants to build the 74-storey 1 Undershaft, which was submitted for planning last month.

This will be supplemented by smaller areas deemed suitable for new development around Fleet Street and Liverpool Street.

A new contour map included in a draft document for the 2040 plan sets out the maximum heights of tall buildings in the City cluster, which has a central peak around 1 Undershaft of 300m, although Eric Parry鈥檚 proposals for the site would rise to more than 309m.

A much smaller area in the west of the City around Holborn and Fleet Street is the only other area where tall buildings would be allowed under the plan, with a stricter height limit of no more than 90m.

>> See also: Stanhope submits full planning application for revised 1 Undershaft

The plan also aims to make the City鈥檚 riverside play an 鈥渆nhanced role鈥� for the City with more leisure, culture and recreation destinations with enhanced greening and connectivity.

Office developments in general must take a 鈥榬etrofit first鈥� approach, prioritising the refurbishment of existing space over newbuild options in a policy assigned 鈥渟ignificant importance鈥� in the plan.

All large developments will be required to achieve a minimum BREEAM rating of 鈥渆xcellent鈥�, and aim for 鈥渙utstanding鈥�, and a minimum five star NABERS UK rating.

The City has previously announced an ambition for a 鈥渘et zero Square Mile鈥� by 2040, 10 years ahead of the government鈥檚 target for the rest of the UK.