London’s most famous stalled skyscraper – dubbed the Pinnacle – has been rescued by a £300M deal.
An international consortium of firms led by French investment giant Axa Real Estate and developer Lipton Rogers has exchanged contracts on the scheme at 22 Bishopsgate.
The skyscraper reached just seven storeys high before hitting difficulties and being put on hold.
Planning permission will now be sought for a simplified design for the tower, and construction could begin by the end of this year
The completed tower, now designed by architects PLP, will provide more than 90,000m2 office space as well as restaurants and bars. There will be a public viewing gallery at the top of the building.
Consultancy WSP has been appointed to provide a range of support services including structural, acoustic and sustainability advice.
AXA Real Estate global head of asset management and transactions Anne Kavanagh 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.
“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.”