The City’s tallest skyscraper, 22 Bishopsgate, is finally set to be built after getting green light from City of London authorities.
The £1bn skyscraper was in a “right to light” dispute that threatened to stop construction of the 62-storey tower altogether.
Rival developers argued that the 22 Bishopsgate would overshadow other buildings in the vicinity leading to loss of sunlight.
Lipton Rogers, developers of 22 Bishopsgate, have managed to convince a key City of London Corporation committee to use Section 237 agreement”, a rarely-used law that can override any legal action the 62-storey tower might face.
A City of London spokesman said: “In this instance, the view of the committee was that their decision was justified and this is was a major development which will result in significant improvements to the local area, increased floor space and help create jobs.”
A spokesman for Lipton Rogers and its joint venture partner, AXA IM — Real Assets, said: “We remain committed to working with all our neighbours in an open fashion, as well as the City of London, as we progress this important scheme and today’s decision is a positive step in allowing us to bring forward the development of 22 Bishopsgate within the intended timetable.”
22 Bishopsgate has had a tough past. Construction of the tower, formerly known as the Pinnacle, was stopped half way through in 2008 amid the financial crisis.
Here’s what went wrong with the construction of the building
Construction of the Pinnacle began in 2008 but repeatedly stalled.
In 2011, work on the skyscraper was 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.
In February 2015, the building site was snapped up by developers Lipton Rogers and Axa Real Estate for £300m who proposed new designs for the skyscraper.