ES News email The latest headlines in your inbox twice a day Monday - Friday plus breaking news updates Enter your email address Continue Please enter an email address Email address is invalid Fill out this field Email address is invalid You already have an account. Please log in Register with your social account or click here to log in I would like to receive lunchtime headlines Monday - Friday plus breaking news alerts, by email Update newsletter preferences

Plans to build a skyscraper to rival the Shard are to be submitted to the City of London Corporation.

Developers are seeking permission to build a 304-metre (997ft) tower, just five metres smaller than the 309-metre (1,016 ft) Shard in London Bridge, in the City.

The tower, which would be the second tallest tower in Europe, would be located in Aldgate - with the Aviva Tower and sites opposite the Gherkin demolished to make way for it.

The site, Number One, Undershaft, is currently owned by Singaporean magnate Kuok Hong Khoon who is the CEO of Wilmar International, the world’s largest palm oil company.

Architect Eric Parry is believed to be leading the project having recently completed the Green Properties building at St James’ Square. The building received record rents for the area in April.

The proposed tower would dwarf the proposed 22 Bishopsgate tower which was originally set to reach 1,000ft but was scaled down following concerns.

A spokesman for Aroland Holdings, the owners of One Undershaft said: "It is important that our plans for a new tower on this site are right and we are taking our time to ensure the building showcases the very best of British architecture while also creating the City of London’s finest and most sustainable offices. We plan to consult with members of the public on our proposals in the autumn.”