Pinnacle Skyscraper Delayed Again

The core of the Pinnacle, photographed 22 January 2012

For the second time, work on the Bishopsgate Tower, aka the Pinnacle or the Helter-Skelter, has been halted because of  financial concerns. The developer, Arab Investments, has for the time being failed to pre-let enough of the tower to guarantee a half-billion pound package from HSBC.

The core of the on-again off-again skyscraper is currently nudging past the ninth floor, with work having only re-started last year after it was put on hold in late 2010. Should it ever reach its full height of 288m, it would be the tallest building in the Square Mile.

London’s clutch of new skyscrapers has been the subject of much criticism and discussion recently, with one report from Barclays suggesting that tall buildings could be harbingers of recession. While the argument is a flawed one, the appearance of all this new office space may not be what the capital needs in the years ahead: Reuters notes that the four most conspicuous under-construction towers, the Shard, 20 Fenchurch Street (Walkie-Talkie) and 122 Leadenhall Street (Cheesegrater) and the Bishopsgate Tower, have signed only a single office deal between them. Not a sign of a healthy market, then.

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  • CD.

    The “Walkie talkie” is 20 Fenchurch Street, not 100.

    • Dean Nicholas

      You’re quite right, my error. Probably just easier to refer to them by nickname after all…

    • harryposter

      The Walkie Talkie is the only building in history that is looking better under construction than when it’s going to be achieved…

  • harryposter

    I can smell another Empty State Building coming soon…

  • harryposter

    Have they tried the Chinese?
    Let’s pre-sale the office space to them and change the name to “Alibaba Tower”

    Simples!

  • harryposter

    Greed and utter incompetency are the two tits of the 21st Century in the UK…

    You can feel it in all sectors: broadband not even worth the one in Africa, Sky HD boxes faulting every day and you have to pay because of it, etc.

    This country is going straight into the wall!

    JPMorgan just bought the Lehman Brothers building in Canary Wharf and posted their luminous sign… I wonder how much it costed, how useful it will be… While their South Riverside site is an empty hole and will be for years…

    Stupid megalomaniac morons, they should all be taken to the Tower of London!

    • Jenks

      How did you get here from the Daily Mail site?

  • Optimist

    Actually in the long term this might be a good thing. More space will drive down rents. Okay, this might not be so good for the developers building the schemes, but should make it more attractive for companies to locate in London, where rent is a major concern. Also, some of these buildings are quite attractive, and this is no bad thin in a hodge-podge city like London.