Bishopsgate Tower - "The Pinnacle" | City of London | 288m | 63 fl | On Hold

[Iapetus]

Originally Posted by meatball1

I walked past the site yesterday and there was some activity going on.

I saw some activity yesterday too and then again today I stopped for roughly 5 minutes. About 8 or so people in hard hats and fluorescent jackets were visible, though I couldn't see them actually doing anything, they may have been on a break.

I do suspect that this is nothing to do with a restart, maybe merely moving equipment offsite.

[Medo]

Some news on this, so I'm re-opening this thread:

Brookfield rent war is Pinnacle of Shard’s problems


Brace yourself for a media blitz on The Shard next Thursday.



The Duke of York and the Qatari prime minister will be “inaugurating” the 1015-foot Southwark Tower. Over the river, in the City, plans are quietly being redrawn to top The Shard as the central icon for London.

The builders of The Pinnacle are revising costly designs for the £950 million tower in Bishopsgate.

The aim of Brookfield Multiplex is to wrest control of the stalled development from Middle Eastern investors. A spokeswoman for the Canadian-owned contractor confirmed, “we are re-designing the tower”.

Architect Kohn Pederson Fox is re-working plans to simplify the cladding on the 945-foot tower.

The aim is to save at least £50 million on the £550 million construction cost. But that’s only part of a plan to make the development viable by slashing the total cost from £950 million to £700 million.

Another £200 million saving would come from wiping out the liability to repay the original investors, who bought the site in May 2007.

How? Arab Investments borrowed £140 million from HSH Nordbank to start construction. But work halted at the sixth floor in December when the money ran out. That loan is overdue, giving the German lender the power to seize possession.

Brookfield, which is part of a $150 billion (£96 billion) business, wants to take possession in return for a guarantee to re-pay HSH Nordbank in full.

This plan might not go down too well with the Saudi Economic and Development Company.

The company (Sedco) owns 90% of the equity in the venture. It has arranged a £500 million loan to pay for construction. Trouble is, the lenders — led by HSBC — won’t advance the money unless the backers inject more equity and a few hundred thousand square feet of the one million-square-foot tower is pre-let.

Neither has yet happened. In February Sedco indicated that it wished to sell out. It might still find a buyer and Brookfield will be reduced to the status of builder again.

But if Brookfield takes control, the price of the 64-storey tower comes down by £250 million to £700 million — and the rent comes down in line.

The key element in the Brookfield plan is to reduce the viable rent by 15% to 20% to between £50 and £55 per square foot. That would make the tower worth £950 million at a valuation based on 19 times the annual rent of £50 million. In other words, the present cost.

But reduce the cost to £700 million by wiping out the original investors and cutting building costs, you produce a £250 million profit.

Well, that’s the theory. Brookfield Multiplex has to find a tenant or two before even it can start. Maybe the lower rents will lure a few prospects from The Shard?

http://www.standard.co.uk/business/m...s-7899255.html

[JLAG]

Always wanted to see this one come up but I do not know what I think about the idea of simplifying the cladding.

[delores]

oh no the cladding is being simplified....sounds very worrying especially on a building of this size in London.

[Medo]

Cheap green glass.

[Jamandell (d69)]

Yeah, my fear is a Beethamesque random style of cladding on the cards.

[Zin5ki]

On a whim of optimism, one might wonder whether replacing the divisive "snake skin" cladding system with neatly tessellated panes would save a pretty penny.

Out of misinformed interest, to what degree can the building's exterior be modified within the limits of planning arrangements?

[The Shard Baby]

Thank you very much for re-opening the thread Medo!
The cladding has already changed from this:


To this:
image hosted on flickr

http://farm7.staticflickr.com/6136/5...bcdcaa6a_z.jpg
I love this building, this made be sad for months, I was talking to David Hiddleston from the Leadenhall Building site and he was talking about how they may demolish the existing core, because tenants want an open space for their offices rather than having a huge concrete column in the middle of it.

[delores]

Originally Posted by The Shard Baby

Thank you very much for re-opening the thread Medo!
The cladding has already changed from this:


To this:
image hosted on flickr

http://farm7.staticflickr.com/6136/5...bcdcaa6a_z.jpg
I love this building, this made be sad for months, I was talking to David Hiddleston from the Leadenhall Building site and he was talking about how they may demolish the existing core, because tenants want an open space for their offices rather than having a huge concrete column in the middle of it.

Which I would say this building doesn't do. The structure like the leadenhall is in the form of an exoskeleton.

[ferge]

If they're wanting to save money, don't you think they'll just lob off the top floors, lose the helter skelter affect and in affect have a hybrid, more cylindrical tower with a flat top? (Basically, un-pinnacle itself ).

[AlexsAmazingIpad]

Could we please keep this thread open? I hate it when it's closed, I don't see the point .

Anyway, is there any confirmation of this restarting in January or was that just a rumour? This will be the best skyscraper in London if you ask me, better than the shard, regardless of the cladding, the design more than makes up for it.

[Zin5ki]

To such an end, an article posted earlier quotes a twelve-month wait before taking further actions. One should note, however, that such a claim was published in March.

[Medenine]

amainzing so when is this going back up!!?
As soon as it does I will be taking pictures along side Lumberjack!

[ThatOneGuy]

Originally Posted by Medo

Cheap green glass.

Oh, please NO!

[BeestonLad]

Originally Posted by BeestonLad

Hmm lets wait and see. I have heard rumours that this one is getting a complete redesign. Whether that would mean knocking down the core and starting again, who knows, as in theory a new building could utilise the foundations and core currently in place...

I guess I was at least partly right.

[i_like_concrete]

I think the first cladding rethink was a step in the wrong direction; thick heavy frames made the overlapping panels just look clunky.

image hosted on flickr


I hope as well as cost saving this move can remove the fuss from the facade and better resolve the photovoltaics at the top which again, look clunky. The building has a wonderful profile, enhance that and de-clutter it, smooth facade and fewer messy bits around the top.

[bertyboy]

Originally Posted by ferge

If they're wanting to save money, don't you think they'll just lob off the top floors, lose the helter skelter affect and in affect have a hybrid, more cylindrical tower with a flat top? (Basically, un-pinnacle itself ).

I don't think they'd lob floors off as that reduces rental income potential. What they may want to do is simplify the floorplan so that each one is the same to reduce construction costs.
The last incarnation of the cladding was, frankly, awful. I know frameless windows are expensive, but the frames were just too heavy and if they were thinner, they could have flush cladding rather than that weird armadillo-overlap scheme. i.e. save money AND make it look better.
Oh, and the bad aliasing effect where the PV cells were at the top need to go.

[Rational Plan]

What with current economic realities, it is best if they can look at building to a lower rent.

[Interestedamateur]

Originally Posted by Jamandell (d69)

Yeah, my fear is a Beethamesque random style of cladding on the cards.

Oh please no..again.

I've had enough of random blocks of colours - or randomly spaced windows come to that - on Buildings. It was a noughties fad that's gone past its sell-by date.

I loved the original cladding for the Pinnacle, I hope it's not replaced with something crappy.

[The Shard Baby]

Well they are replacing it with something cheaper...