The Pinnacle to be demolished & built from scratch as part of £300m deal

News at Astons London | 19/02/2015


The construction of the Pinnacle skyscraper, also known as the Helter Skelter, has been um, a bit of a helter skelter.

Construction began in 2009 but only seven of the planned 63 storeys were built after the project ran into difficulties (more detail below).

Now, French investor Axa Real Estate has stepped in to restart construction as part of a £300m deal.

According to the FT, Axa has teamed up with developer Lipton Rogers and Singapore’s Temasek Holdings to buy the site from current joint owners Arab Investments, Saudi Arabian fund Sedco and Kuwaiti fund Wafra.

Under the new plans, the current site will be demolished and the skyscraper will be re-built from scratch.

Set to be completed in 2018, the building will be called 22 Bishopsgate.

Architects PLP are rumoured to have been signed on to include shops, restaurants and a viewing platform in the building.

Once completed, it will be the tallest building in the Square Mile.

Here’s what went wrong with the Pinnacle

Construction of the Pinnacle began in 2009 but repeatedly stalled.

In 2011, work on the skyscraper halted after the owners failed to sign up any major tenants to occupy the tower.

In the same year, the owners brought in Brookfiled Multiplex to re-start construction.

However, work was halted once again after the partnership fell into legal battles over non-payment of fees.

 

Shruti Tripathi Chopra 19/02/2015 www.londonlovesbusiness.com