INDUSTRY NEWS

Pinnacle and its London offices may be scraped and built from scratch

A skyscraper set to be the tallest in the City of London may have to be knocked down and work began from scratch.

Work has been carried out on only seven of the planned 63-storeys at The Pinnacle site – with construction already delayed for over a year.

With a unique corkscrew shape, work was originally planned on the building back in 2007.

The expected bill is now set to cost over £1bn, more than double the cost of the Shard (£450m) which opened its The View from The Shard tourism spot to the public last week.

The building has now earned a new rather unwanted nickname, ‘the stump’; a far cry from its original title and other nicknames it has gained such as the Helter-Skelter. This unwanted nickname emerged after contractor Brookfield Multiplex stopped work on the building almost a year ago.

The building, officially known as the Bishopgate Tower, was set to offer a number of London offices in the City of London, but many experts are now suggesting that this project may have been a little too ambitious with construction hit with a number of issues from the very outset – not least the fact that its developer, Arab Investments, has struggled to find a pre-let for the skyscraper.

Construction Products Association economics director, Noble Francis, said: “There will be a demand for high-end, high-profile office space in 2013/14 – with a recovery in global economic growth and investment – but even taking this into account, the Pinnacle is an extremely expensive project, so the likely returns on the investment are much less certain than on a project like the Shard.”

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