Home Commercial Shard luck! UK's tallest skyscraper may never be a success

Shard luck! UK's tallest skyscraper may never be a success

by LLP Editor
19th Nov 12 10:59 am

The Shard, the Pinnacle and other London skyscrapers may never be “a reality”, a BBC investigation into London’s skyscrapers has found.

The Shard, UK’s tallest  skyscraper due to open in 2013, does not “have a single financial tenant in place.”

Six other ambitious tower projects have either come to a grinding halt or been cancelled, according to the investigation which aired today.

The BBC reported that construction of 100 Bishopsgate is on hold because the builders haven’t been able to snap up advance tenants.

The Pinnacle aka the Helter Skelter in the City, is expected to be the second tallest skyscraper in the UK but it isn’t close to completion, despite construction beginning in 2009.

Plans for making a “futuristic office block” called One Trinity have also been quashed and the existing building will now become a hotel.

Similarly, the Can of Ham, on St Mary’s Axe, was approved in 2008 but the building on its planned site has not even been demolished yet, the BBC said.

Simon Rawlinson, a property development consultant at EC Harris, told the BBC:

“At the moment if you don’t have a tenant you don’t have a project, so you don’t bother.

“Projects have been cancelled or delayed in the past 12 months because they thought they had a pre-let and that fell away. Those projects had to be mothballed.

“Getting the tenant is absolutely critical.”

“Getting money to develop now is harder than it has been in 20 years,” he added.

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1 comment

Greg Williams November 19, 2012 - 1:30 pm

Interesting but missing a vital fact or two; here is is what Mark Boleat, the elected Policy Chairman of the City of London Corporation said about this: ‘20 Tube and mainline stations and seven Tube lines make the Square Mile the obvious place in London to build high-density tall buildings – and Crossrail will re-enforce this when it opens in 2018. Aon are moving from Chicago to the ‘Cheesegrater’ and Land Securities’ are pre-letting the ‘Walkie Talkie’, illustrating how the flourishing insurance sector is boosting demand for locations in EC3. ‘Of course there are temporary soft spots – in fact many new tall buildings will take a few years to bed into full use; but just remember how people talked about the Gherkin as a ‘White Elephant’ – and now it’s both an icon and a successful commercial building.
‘While London retains its place as a global City, the public transport network under the ground will make the Square Mile the obvious place to build high above it.’
ENDS

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