Pinnacle skyscraper could be scrapped
The Pinnacle skyscraper, which was planned as the tallest building in the City of London, could be knocked down and built from scratch due to spiralling costs and lack of demand.
Reported by londonlovesbusiness.com, the partially-constructed build – which currently only has seven of the planned 63 storeys – could be scrapped for a more modest skyscraper design, aimed at luring commercial renters.
Concerns have been raised over the tower’s completion and progress has stalled for more than a year
Furthermore, the project was expected to come in at more than double the price of London’s current tallest tower, the Shard. As a result, developers are considering a cheaper scheme as a lack of big names have stepped in to secure a spot in the luxury building.
Property specialists Arab Investments will be considering “all options” during a review of the build, which is expected to take around three months.
Demand for high-end office space in 2013/14 dependent on economic upturn
Speaking to ft.com, economics director at the Construction Products Association Noble Francis stated:
“There will be a demand for high-end, high-profile office space in 2013/14 – with a recovery in global economic growth and investment – but even taking this into account, the Pinnacle is an extremely expensive project, so the likely returns on the investment are much less certain than on a project like the Shard.”
Author: Ashley Curtis Date Written: 26 February 2013