AXA Real Estate plans to begin construction of a replacement for the City of London’s stalled Pinnacle office tower by the end of the year after taking over the contract in a deal reportedly worth £300 million. Developers Lipton Rogers have been appointed to deliver the building.
Work came to a halt on the Pinnacle – which would have been the City’s tallest tower – in 2012 due to the financial crisis, leaving just the nine-storey concrete core, nicknamed ‘the stump’ (pictured).
This will now be demolished with architects PLP drawing up a new design for the site. However, it has been reported that images leaked to Skyscrapercity are simply working models and not the final blueprints.
A planning application for the building, renamed 22 Bishopsgate, is expected to be submitted in the next few months. It will not be as tall as its ill-fated predecessor but will provide nearly 2 million sq ft of floor space, 400,000 sq ft more than the original Pinnacle plans would have provided.
Speaking about the proposal Stuart Lipton, of Lipton Rogers, said: “We have developed an innovative design for an exceptional office tower with art and character, shaped to respect views of the City.”
The news comes less than a month after it was announced that another recession hit City office scheme, the so-called Can of Ham, is finally due to start six years after winning planning approval. The 24-storey tower at 60-70 St Mary Axe is being developed by Henderson Real Estate.
22 Bishopsgate is scheduled to be completed in 2018. Construction of the Can of Ham is due to commence this summer and is also expected to take three years to complete.
