Construction of ‘The Pinnacle’ skyscraper – also known as the ‘Bishopsgate Tower’ and the ‘Helterskelter’– is close to beginning thanks to an imminent funding package. The developer, Arab Investments, has arranged £550m of debt financing as well as £100m of equity from investors, totalling the £650m required to start work.
The prestigious 63-storey skyscraper at Crosby Court, Bishopsgate, will stand 288m high. The tower will contain 88,000 square metres (950,000 square feet) of office space and accommodation for over 8,000 workers. Completion for the building is scheduled in 2012 and the building is expected to open in 2013.
Construction in London of large developments, such as The Pinnacle, has been hampered over the last two years due to a lack of available finance. As a result, Arab Investments foresee a shortfall in new London office space in the coming years. The Pinnacle will go some way to meeting the predicted deficit.
Image: Flickr (Jeppestown)