The Helter Skelter or the Pinnacle, one of London’s most tainted skyscrapers, is finally going to be built.
Officially known as 22 Bishopsgate, construction began in 2009 but only seven of the planned 63 storeys were built after the project ran into major financial difficulties (more below).
Then in February, the building site was snapped up by developers Lipton Rogers and Axa Real Estate for £300m who proposed new designs for the skyscraper.
The developers have now won approval from the City of London borough to develop a 62-storey office tower which will have more than 1.4 million square feet of workspace, shops and restaurants as well as a public viewing gallery at the top.
Anne Kavanagh global head of asset management and transactions at AXA Real Estate, said earlier this year: “Our commitment to develop 22 Bishopsgate is driven by London’s status as one of the preeminent world cities and its continued capacity to generate employment and growth. As with our other projects, 22 Bishopsgate has an underlying commitment to create a sustainable building environmentally, socially and economically.
“This investment is being made for the long term and – along with public and private investment into the local transport and infrastructure – we believe will continue to strengthen central London’s position as an international business location.”
The development is expected to be completed in 2018.
Here’s what went wrong with the Pinnacle
Construction of the Pinnacle began in 2009 but repeatedly stalled.
In 2011, work on the skyscraper halted after the owners failed to sign up any major tenants to occupy the tower.
In the same year, the owners brought in Brookfiled Multiplex to re-start construction.
However, work was halted once again after the partnership fell into legal battles over non-payment of fees.