THE BUILDERS of the Pinnacle skyscraper could seize the site from its owners after winning a High Court claim worth millions of pounds in unpaid fees.
Brookfield Multiplex launched a series of claims over the past year against the owners of the 63-storey tower in a bid to recover four separate payments for work undertaken under its £600m contract for the £1bn project.
The High Court yesterday ordered the owners to pay the Canadian-American construction group £16m, after it failed to file a defence against the contractor’s legal claim for unpaid fees, Building magazine reported.
The scheme is majority-owned by SEDCOI, a Saudi Arabian Investment Manager and backed by Pramerica. It is being developed by Arab Investments.
Work on the Kohn Pedersen Fox-designed Pinnacle tower – also known as the Helter Skelter – came to a grinding halt for a second time in January this year, after the developer failed to secure enough tenants.