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Old August 31st, 2012, 04:34 AM   #1941
SO143
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i don't think the entire construction cost of this tower will cost as much as the cost of the shard which is worth almost $4 billion.

http://www.therichest.org/most-expensive/buildings/
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Old September 2nd, 2012, 07:59 PM   #1942
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IMO the Pinnacle's design looks much more better than the Shard's, although the Shard is also a beauty!
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Old September 18th, 2012, 09:25 AM   #1943
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by Lumberjack_London

image hosted on flickr

P9170068 by Lumberjack_London, on Flickr
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Old September 18th, 2012, 08:04 PM   #1944
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Murphy's law, uh?
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Old September 25th, 2012, 03:59 AM   #1945
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Pinnacle build 'won't restart before Christmas'

Work on the Pinnacle will not start up again before the end of the year, meaning the £800 million City tower will have sat empty for almost 12 months, CN has learned.

CN revealed in January that Brookfield Multiplex told workers to down tools at the Bishopsgate Tower in January this year following orders from partners Arab Investments.

A spokesperson for contractor Brookfield Multiplex confirmed that work will not restart this year.

“All they have said is that they won’t be restarting before Christmas,” the spokesperson said.

The spokesperson added that ‘there’s no date’ for a restart.

CN revealed in January that concerns over finance and costs had halted work. Brookfield’s website says that the completion was planned for 2015, rather than the original date of 2014.

In January, an Arab Investments spokesman denied suggestions that the site would be shut for up to six months.

Arab Investments declined to comment this week.

The consortium of Middle Eastern investors including the Saudi Economic and Development Holding Company announced a year ago - September 2011 - that it had signed a deal to get the project back on track including a £500m debt facility from a group of lenders led by HSBC.

Brookfield is also waiting for the go ahead on 100 Bishopsgate, where it is partnered with developer Great Portland Estates. Enabling works - including flattening the existing site and securing a double-sourced power supply, which is seen as critical in a City environment, are almost finished.

Once this is done, there will be no further work until 30 to 50 per cent of it is pre-let at the scheme, which has been tailored for an investment bank tenant, complete with a trading floor.

CN understands that discussions have been happening with a large number of potential tenants, but that they are reluctant to commit in the current climate.

Meanwhile discussions are ongoing over the sell down of the GPE share in the scheme, which it is hoped will complete before the end of the year.

Brookfield Multiplex is also ‘mandated to build’ Principal Place, after affiliate Brookfield Office Properties acquired it as part of a £518m deal for the Hammerson office portfolio.

Principal Place is a mixed-use development in the City of London with planning consent for a 57,500 square metres office building and a separate 23,000 square metres residential tower.

Skanska and Sir Robert McAlpine had been fighting it out for the scheme before the sale, but the construction of the scheme - along with any others in the portfolio -will now be done by Brookfield Multiplex.

The deal also included 99 Bishopsgate and 125 Old Broad Street, both in the City.

http://www.cnplus.co.uk/news/pinnacl...&contentID=676
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Old September 25th, 2012, 05:04 PM   #1946
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So has Brookfield Multiplex officially taken control of the project from Arab Investments? From what I read in a previous article, it seems as if Brookfield Multiplex wanted to do a debt swap with Arab Investments for their loan to HSH Nordbank in return for the right to build.
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Old October 9th, 2012, 03:55 PM   #1947
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Legal dispute over London’s Pinnacle

[IMG]http://i54.************/2yvl8wz.jpg[/IMG]

The stalled construction of what could become the tallest skyscraper in London’s financial district has become the subject of a legal dispute. Brookfield Construction (UK), the contractor, is suing the developers of the planned 63-storey Pinnacle Tower on Bishopsgate, alleging breach of contract and non-payment of fees.

Work on the £1bn building – designed by the architects Kohn Pedersen Fox – came to a halt nearly a year ago after the developer struggled to secure the finance to continue the project. It was the second time construction had come to a halt after an earlier delay in 2011.

The core of the 288m tower has been built to just seven storeys and Brookfield has vacated the site and removed all its signage – a move that is understood to be driven by embarrassment at being associated with a project now known as “the stump”. The future of the building – with its signature corkscrew shape – remains uncertain. It is understood that Brookfield’s £593m fixed-price construction contract is in two parts and the contractor is now looking for assurances that the second part can be fulfilled. Although developers had hoped to exploit a shortage of high quality office space, the financial crisis has meant many companies are reluctant to sign pre-let deals that make such speculative schemes viable.

London skyscrapers the Shard, the Pinnacle, the Walkie Talkie, the Cheesegrater and the tower at 100 Bishopsgate are all at various stages of development and struggling to find office deals. According to court papers obtained by Building Magazine, Brookfield is seeking £14.95m in unpaid fees for The Pinnacle No 1 Ltd – the special purpose vehicle that owns the scheme and which is named as the first defendant. A second parallel claim, within the same proceedings, for £15.58m was made against parent companies The Pinnacle Holdings Ltd and The Pinnacle Ltd, who are named as the second and third defendants. Sedco, the Saudi Arabian financial-backer of the project, and Brookfield declined to comment on the process.

The central London office construction market has slowed considerably in the past year after remaining relatively buoyant during the recession. Commercial construction is expected to fall 3 per cent this year and a further 3 per cent next year, according to forecasts from the Construction Products Association. Noble Francis, economics director at the CPA, said: “Given that the Pinnacle is worth £1bn, double the value of the recently opened Shard, it is unsurprising to see it go on hold again in January given the current economic environment. And furthermore, it is unlikely that it will come back online in the next 12 months.”

http://www.ft.com/cms/s/0/9845f194-0...#axzz28o1BWPUn
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Old October 9th, 2012, 04:11 PM   #1948
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oh bad news. We really need the Pinnacle, without it the City skyline will look incomplete and lack height!
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Old October 9th, 2012, 08:50 PM   #1949
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Doesn't sound good.
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Old October 10th, 2012, 01:33 PM   #1950
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That is sad news . Looks like the "stump" could stay like this for years to come.
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Old January 9th, 2013, 03:19 PM   #1951
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From the UK forum.


Quote:
Originally Posted by lumberjack View Post
Anyway some positive news...

From Construction Enquirer:

Pinnacle could restart as £16m pay row settled by Brookfield
Grant Prior | Wed 9th January | 12:39

Main contractor Brookfield Multiplex is looking at ways of cutting construction costs on the stalled Pinnacle tower after settling a £16m legal wrangle with the developers.

Work stopped on the City of London site last January as the developers struggled to raise funds for the tower.

Brookfield Multiplex launched a legal claim for outstanding payments late last year against the Pinnacle owners who were ordered to pay the firm £16m.

Brookfield Multiplex has now confirmed it has reached a settlement and will now work with the developers to get the scheme going again.

A company statement said: “Brookfield Multiplex can confirm that an agreement has been reached on outstanding payments relating to construction work already carried out and as part of the settlement Brookfield Multiplex will now work with the investors to refine the scheme.”

Not quite banana time... but promising none the less.
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Old January 9th, 2013, 03:23 PM   #1952
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Brookfield Multiplex settles £16m Pinnacle dispute

Brookfield Multiplex has settled a multi-million Pound legal dispute over the £800m Pinnacle skyscraper project in the City of London.

In a statement, the main contractor said: “Brookfield Multiplex can confirm that an agreement has been reached on outstanding payments relating to construction work already carried out and as part of the settlement Brookfield Multiplex will now work with the investors to refine the scheme.”


http://www.cnplus.co.uk/hot-topics/l...&contentID=556
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Old January 9th, 2013, 03:24 PM   #1953
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Quote:
Originally Posted by LondonFox View Post
From the UK forum.

Not quite banana time... but promising none the less.
Any news on the pinnacle is good news at the moment, quite annoying checking this thread and finding no updates. At last some news! Half a banana!
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Old January 9th, 2013, 03:25 PM   #1954
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Quote:
Originally Posted by djs83 View Post
Any news on the pinnacle is good news at the moment, quite annoying checking this thread and finding no updates. At last some news! Half a banana!


I agree... first update of proceedings since October... Half a banana it is then.
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Old January 9th, 2013, 04:33 PM   #1955
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Quote:
Originally Posted by LondonFox View Post
I agree... first update of proceedings since October... Half a banana it is then.
No question at least it's something positive and moving in the right direction. Cant wait to see this start back up again.
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Old January 10th, 2013, 04:23 AM   #1956
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Woot!
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Old January 10th, 2013, 05:13 AM   #1957
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I guess it is good news. Although Arab Investments seems to be having difficulties finding full financing for the project for quite some time
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Old January 10th, 2013, 12:04 PM   #1958
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It hasn't really been the financing that has been the issue.

It has been the fact that they haven't secured a single company to rent space in it yet.

Demand for high quality office space is obviously down dramatically as large corporations decide to save money for the time being.

If they were to make this building mixed use, then they would have been able to start building it by now.... like the Shard... no businesses have taken space yet, but they could build it due to its mixed use nature.

The words 'Arab Investments' and 'not enough money' do not fit together.
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Old January 10th, 2013, 04:26 PM   #1959
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Quote:
Originally Posted by LondonFox View Post
It hasn't really been the financing that has been the issue.

It has been the fact that they haven't secured a single company to rent space in it yet.

Demand for high quality office space is obviously down dramatically as large corporations decide to save money for the time being.

If they were to make this building mixed use, then they would have been able to start building it by now.... like the Shard... no businesses have taken space yet, but they could build it due to its mixed use nature.

The words 'Arab Investments' and 'not enough money' do not fit together.
The tenants are indeed an extra issue that comes into play.

When Arab Investments acquired the project, it came with a debt £140m of debt from the German bank HSH Nordbank, they ended up getting 2 -1 years extensions. The consortium tried to get a loan financing from HSBC for £600m in order to cover the outstanding debt and meet the running costs. One of the requirements for this loan was that more equity needs to be poured into the site and a certain percentage needs to be pre-let. SEDCO does not seem to want to pour any more equity in the project at this moment.

Them being Arab means nothing. Both Arab Investments and SEDCO are private companies with no link the unlimited state owned oil funding, hence the need debt financing for over 60-70% of the project.
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Old January 11th, 2013, 03:43 PM   #1960
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I've noticed there seems to be three "hubs": Canary Wharf, London Bridge, and London City (where 30 St Mary Ave is located - would that be correct term?), and I'm wondering what the transit hub of London City is?

I know the Shard is over/near London Bridge Station, which they are renovating, and that Canary Wharf has a rather "large" station as well. But I just didn't know much about that in the city center - i.e. if Cross Rail enters the area at all, etc.
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