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There has been talk about the Pinnacle site getting back on track to become another among the skyscrapers in the City of London. In 2011 the development grinded to a halt due to funding, since then the start to the development, which was seven storeys has become known as the Stump.
Axa is currently working on behalf of an overseas investor to put a bid on the unfinished development. The original quoted cost to build was £550 Million with £400 million already been invested, it has now been redesigned to make more cost effective. This means they will have to reapply for planning permission. The current bid is believed to be around the £220 million mark.
The building will be a landmark with its unique twisting shape and it coming in as the second tallest building in London (945sft). This design is one of the reason behind the high cost to build as each piece of glass will have to be custom made. This aspect is something the redesign will be focused on.
Teresa Beatty surveyor at Morgan Pryce quoted “The Pinnacle, nicknamed helter-skelter will be a costly building, but will no doubt become a well-known landmark among the commercial market.”
If the bid is successful completion is expect in 2018.
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.