The City of London’s planning committee has green lit architect Eric Parry’s design for the district’s tallest tower.

With a gross estimated area of 30,000sq m (323,000sq ft) and a height of 309.94m (1,016ft) above ordnance datum, the tower, called 1 Undershaft, will overtake Rogers Stirk Harbour & Partners’ Leadenhall Building as the tallest building in the City.

A new public square and 2,000sq m (21,500sq ft) retail court will be created at the base of the structure, while a free public viewing gallery, London’s highest restaurant and an education centre curated by the Museum of London will feature at the top, served by dedicated lifts. Visitors will be able to see as far as 62km (38 miles) into the horizon.

The design – commissioned by Singapore-based Aroland Holdings – visualises a simple square-shaped tower featuring huge red cross braces, white louvre cladding and special fins to reduce solar glare and keep the building cool.

The building also comprises an elevated reception, meaning that the public will be able to walk freely beneath it. From here they can access the underground retail court, housed in the basement of the existing St Helens building, which is set to be demolished to make way for 1 Undershaft. This will feature restaurants, cafes and shops.

Speaking following the planning committee decision, Parry said: “We’re delighted to have received planning consent for this iconic building at the heart of London. 1 Undershaft represents the very best of British architecture and will set new standards for the City in terms of comfort, quality and environmental sustainability.

“It’s a vote of confidence in the City of London. 1 Undershaft will crown the cluster of tall buildings and will be a tower London can be truly proud of. This is a really exciting opportunity for Londoners and the team behind 1 Undershaft are thrilled to get started on the next phase of the project”.

Sharon Ament, director of the Museum of London, added: “We can’t wait to embark on an exciting journey to create a genuinely unique perspective on the capital from the top of the City of London’s tallest tower. The space will be a magical learning experience for all Londoners to learn about the past, present and future of the city from this vantage point”.

The resolution to grant planning consent follows thorough consultation with the community, local businesses, local councils and the Greater London Authority.

Construction, which is being led by engineers WSP Parsons Brinckerhoff, will be completed in the 2020s. The tower will be 5m shorter than previously planned, as aviation authorities raised concerns it would interfere with flight paths.