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Had the financial crisis never occurred the world would be a very different place. And in a small part of it, in London’s prime banking area, The Pinnacle would already have been up and running for some years.
The building, which exists as yet only on paper, was due to include a spiralling, curved glass structure, and, as it seems all new buildings – built or otherwise – must be given a nickname, the Pinnacle’s plans earned it the name of Helter-Skelter.
Unfortunately, it is known more widely as ‘The Stump’, given that building of the project stalled in 2008, not long after the foundations were laid, and just two years after the plans were passed – during a happier economic climate – in 2006. Finance had dried up, confidence was low and no more funding was to be had. But its economics were only a part of its setbacks. The tower-which-is-not is owned by Saudi investors, who have been involved in legal battles with the building contractors, eating up both time and money.
It had been thought that building construction would re-commence this year, and that the tower would reach its proposed height of 945 feet over 64 storeys, attract multi- and international companies to this one-million square feet of office space in the City of London, and not least signal to the rest of the industry and market that things are looking up.
And despite the legal wrangles, this might indeed be the case. The original architects are still on board in spite of rival bids to oust them. In order to progress, the compromise has been made in relation to some of the intended ‘wow-factor’ of the building. The curved glass structure’s costs were themselves spiralling – up to as much as £1 billion – and so eliminating the need for expensive bespoke glass cutting may get the construction up and running again.
Eugene O’Sullivan of Morgan Pryce says of the building: “This amount of space in prime City property could change the market in that area. It could change the focus of supply and demand, and it could indicate that London once again – or in fact still – is the place to be for successful international companies.”
Morgan Pryce is 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.