Developer Lipton Rogers and fund manager Axa have agreed to takeover the stalled Pinnacle tower development in London’s Square Mile.
The pair bid around £220m to buy the site located on 22-24 Bishopsgate in the heart of the city. It has been dormant since 2011 when its developer ran out of funding.
Now just seven storeys high and uncharitably nicknamed “The Stump”, the Pinnacle was originally planned to reach 63 storeys (945ft), making it one of the tallest and most noticeable buildings in London.
According to Property Week, Lipton Rogers has come up with an entirely new design for the building, ditching its original “helter skelter” shape. Revised planning permission will now be required.
The new design is expected to be far more cost effective, without the specifically moulded glass panels for the exterior which had bumped up the price of the original construction.
Visualisations of possible working designs have been leaked to the Skyscraper City forum, but there has been no official confirmation that they will be taken forward.
The original “Helter Skelter” design:
Possible new design: