INDUSTRY NEWS

The Pinnacle Returns

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The Pinnacle, the London skyscraper that was set to be built back in 2011, was abandoned due to the recession.

The skyscraper was designed to include a million square feet of office space and a restaurant and gallery that was intended to sit higher than the Shard’s.

The skyscraper, on Bishopsgate, was nicknamed the “Helter Skelter” due to its twisted design at the top, but when the developer, Brookfield Multiplex, stopped work on the building it was re-christened “The Stub”. It was designed to have 63 storeys or reach approximately 945ft but it only reached 7 storeys before the construction was abandoned.

However, this design is now unlikely to be the end result. If work on The Pinnacle does restart the building may look very different to the original plans. The previous design included specialist curved glass panels pushing the cost of the construction up dramatically.

The original estimate of construction was £550m, possibly reaching £1bn.

Brookfield Multiplex is now in talks with several investors led by Axa to buy the building at a cost of £220m. If this is finalised and work begins immediately after, The Pinnacle is likely to be completed in 2018, four years after the original plan estimated.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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