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The stalled Pinnacle Tower development, 22-24 Bishopsgate, in the City of London is finally nearing a deal to further its construction. With development stopping in 2012, the Pinnacle Tower space was known throughout London as the ‘Stump’. However, developer Lipton Rogers and fund managers Axa are in advanced negotiations to take over the development of one of London’s best known prospective buildings. Originally designed in a twisting profile, the development was nicknamed the ‘helter-skelter’, however plans in 2013 changed the design in order to reduce costs and maximise the viability of the tower.
Oliver Salter, surveyor at Morgan Pryce, is positive that the development will finally begin to take shape sooner rather than later,
“The Pinnacle Tower came with such excitement back in 2006, when it first came to light. £400m later and there is still only the stump to show for construction. News of Lipton Rogers and Axa taking over the development is great – we may finally see the tower join the dizzy heights in the City.”
The bid believed to have been put forward by Axa – who are acting on behalf of 4 overseas pension funds- is around £220m. If all goes to plan and the deal is completed in a reasonable time, construction is expected to be completed around the back end of 2018. The tower, due to stand at around 950ft will be the tallest in the City.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.