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Lipton Rogers to resume construction of stalled London tower

22 Feb 15 Construction is expected to re-start before the end of 2015 on what used to be called the Pinnacle building in the City of London.

CGI of the new 22 Bishopsgate tower plan
CGI of the new 22 Bishopsgate tower plan

The development, now called 22 Bishopsgate, has been acquired by AXA Real Estate Investment Managers, on behalf of an international consortium of investors, and is working with developers Stuart Lipton and Peter Rogers.

Construction on the Pinnacle started in 2008 but ran out of money in 2012 and came to a halt with just seven of the planned 64 storeys built.

The new owners plan to develop a landmark tower, designed by architect PLP, with more than one million square feet of office space and a public viewing gallery at the top.

A planning application for the new 22 Bishopsgate tower will be submitted within the next few months, AXA Real Estate said. Construction is expected to start by the end of 2015 with completion scheduled for the end of 2018. 

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Sir Stuart Lipton and Peter Rogers, former founding partners of Broadgate developer Stanhope, joined forces with together with Rupert Clarke, former CEO of Hermes, in 2013 to form Lipton Rogers Developments LLP.

Sir Stuart Lipton revealed that he has spent three years working on this project. He said: “We are now delighted to be partnering with AXA Real Estate, having worked on 22 Bishopsgate with PLP Architects and WSP for over three years.  We have developed an innovative design for an exceptional office tower with art and character, shaped to respect views of the City and designed to be more than an office building with social amenity spaces, restaurants, bars and retail units as a new vertical City campus reflecting the City’s ever changing consumer base."

WSP was also the structural engineer behind the Shard. Its project director Kamran Moazami said: “We’re proud to be working on this project using our combined UK and global expertise on tall building design. It will be the next great gift for London, and is a once in a lifetime project to be involved in.”

Anne Kavanagh, global head of asset management & transactions at AXA Real Estate, said: “The acquisition of 22 Bishopsgate represents a significant opportunity to purchase a prime office development site at one of the most desirable office locations in the City of London. Our experience of underwriting development opportunities and putting together international investor clubs has been pivotal to bringing a transaction of this size and complexity together. The project has enormous potential and we believe that the combination of AXA Real Estate’s strong track record of development in London and internationally, together with the long term prospects of London as a world leading city and international finance centre, present a compelling investment opportunity.”

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