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Pinnacle Tower project back on

Pinnacle Tower project back on

The Pinnacle Tower project at Bishopsgate in the City of London is back on, after AXA Investment Managers Real Assets declared it is to go ahead with the project after all.

After a decade of starts and stops on the site and recent uncertainty over the Square Mile's future following the Brexit vote, the company will now go ahead with the 1.4 million sq ft skyscraper, which will be the tallest in the financial district at 278 m (912 ft) tall.

Brookfield Multiplex is expected to be awarded the contract to deliver the 62-storey tower by AXA and its development partner Lipton Rogers in the next few weeks, allowing work to begin by the end of this year. Hundreds of construction jobs will be created as a result.

The £500 million project comes after a series of failed attempts to build a skyscraper on the 22 Bishopsgate site.

In 2006, planning permission was granted for the Pinnacle, a helter-skelter shaped building on which work began just as the financial crisis started. It was halted in 2008 with the first seven storeys of the structure having been built, after Arab Investments withdrew their financial investments. Shortly afterwards, AXA bought up the site.

Chief executive of AXA Axa Real Estate Pierre Vaquier said: “Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development project, aligned to the fact we are taking a long term view of this investment."

He said he believed that the City will adjust to the "future business needs" of companies as it continues to be a major global financial centre.

The new building marks the latest stage in the proliferation of skyscrapers in the heart of London, with the City now starting to catch up with locations such as Canary Wharf, which had been the home to all of London's highest buildings until the construction of the Shard.

Image: iStock

 

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