Work Resumes on The Pinnacle
Construction work on The Pinnacle office tower in London is set to resume after it was stalled due to funding issues.
According to reports this morning, a new finance deal has been finalised and construction firm Brookfield have been formally instructed to restart the work.
Also known as the Bishopsgate Tower and the Helter-Skelter due to its innovative corkscrew design, the 64-storey tower – which was designed by architects Kohn Pedersen Fox – is set to become the tallest tower in the City of London if its scheduled completion date is met in three years’ time.
Khalid Affara, Managing Director of asset manager Arab Investments, said: “The Pinnacle has agreed with Brookfield to commence the final phase of construction works at the end of June to enable delivery of the City’s tallest building by 2014.”
The impetus behind the move is to complete the tower in time to meet a predicted shortage in the City’s conventional office space market. This is expected to occur between 2012 and 2014 due to a number of lease expiries and breaks in long-term office leases, that will give tenants the chance to renegotiate deals and to relocate.
Commenting on the development, Mr Affara said that the Pinnacle is a “unique product” and will be delivered at a time when “there will be a shortage of high-quality office space” in the London market.
Initially proposed at 1,007 ft, the height of the tower was scaled down to 945 ft following concerns from the Civil Aviation Authority. On completion, the Pinnacle will provide 947,200 sq ft of office space inside a striking, twisting design – which has been likened to a helter-skelter – featuring a glass exterior with curling patterns on the fa├ºade.
The property will reportedly contain 21,500 sq ft of solar panelling – said to be more than any other building in the UK – and will also feature a double-layered skin similar to The Gherkin (30 St Mary Axe), allowing it to respond to climate changes and maintain low energy consumption.
The tower’s upper floors will contain restaurants and a viewing deck for the public.
The Pinnacle is one of several office tower developments in Central London, including the recently completed Heron Tower, 122 Leadenhall Street (The Cheesegrater), 20 Fenchurch Street (The Walkie Talkie), and Shard London Bridge in Southwark (The Shard) – the latter of which will tower over them all at 1,020 ft.
On completion, the Pinnacle will become the tallest building in the City of London and the second tallest in the UK, behind the Shard London Bridge.
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