Telereal has got the go ahead for a £74m office redevelopment in the City of London.

The HKR Architects-designed scheme has been granted planning permission for the redevelopment of a former BT Exchange on Fore Street into a 13 storey, 342,000 sq ft office development.

The scheme, on the site of a Crossrail tunnel and adjacent to Moorgate Underground Station, had complex issues planning issues including it falling with the strategic views of St Paul’s Cathedral.

Nigel Reid, national development manager at Telereal said the new development is planned to provide: ‘state-of-the-art office accommodation appropriate to a world financial centre.’

HKR won an invited design competition for the commission in June 2006, beating major architects firms including Sheppard Robson, Hamilton Associates and Horden Cherry Lee.