AXA Investment Managers Real Assets has announced that it is going ahead with its 64-storey skyscraper at 22 Bishopsgate, the site of the former Pinnacle project.
The project received full planning permission from the City of London Corporation on 16th June 16th, 2016. But it was then put on pause after the EU referendum result threatened to impact on the commercial property market in the City.
However Axa says that its consortium of international investors are now confident “in how appealing this highly progressive 1.4 million sq ft (c.128,000 m2) development will be to all types of international and domestic occupiers”.
It added: "This confidence is based on the unique and broad range of amenities and types of space that 22 will offer, as well as its prime location in the City of London, as one of the leading global centres for international business, notwithstanding the current uncertainties created by the EU referendum."
Axa and its development partner Lipton Rogers expect to finalise the appointment of Multiplex (formerly Brookfield Multiplex) as contractor for the £450m main build of the 278-metre high tower within the next few weeks, with work due to commence thereafter.
The building is designed by architect PLP, with WSP as structural engineer.
Significant preparatory works have already been undertaken on the site, including substantially completing the foundations and ground works, which used those from the previous unfinished Pinnacle development that ground to a halt in 2012. This is expected to allow for an accelerated construction timetable, with a target completion date of 2019.
Pierre Vaquier, CEO of Axa IM - Real Assets, said: “Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development project, aligned to the fact we are taking a long term view of this investment. The decision to proceed underscores our confidence in the progressive and attractive development that we will deliver at 22, coupled with the anticipated breadth of demand from local and global occupiers for easily accessible space in a prime location in the City of London, as one of the leading global centres for international business, that will respond to their future business needs.”