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Old June 25th, 2007, 07:44 PM   #241
Newcastle Guy
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It gets ALOT closer more like

This is the last major hurdle if I'm not mistaken... PWC are in the process of vacating Southwark Towers... demolition starts in 2 months... test pile rigs are on site... SO CLOSE NOW!
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Old June 26th, 2007, 05:05 AM   #242
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bout bloody time. 310m is 1m higher then our tallest in sydney (sydney tower).
should be awesome on the London skyline.
renzo is an great architect.
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Old July 4th, 2007, 10:29 AM   #243
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I love this tower.. but as much as i love london
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Old July 6th, 2007, 04:42 PM   #244
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What next for the Shard?

06.07.07

A project run by a dysfunctional trio arguing over the spoils, or a happy band of visionaries keen to develop Europe’s tallest tower?

By Deirdre Hipwell

Angry meetings, larger-than-life characters and an uncertain future: not scenes from Channel 4’s reality show, Big Brother, but the drama unfolding in the development of one of the UK’s most important schemes.

The rich but unlikely mix of entrepreneurs behind the Renzo Piano-designed Shard describe the £1bn-plus tower as a vision for a new London. But market observers are increasingly seeing the struggle to develop the 87-storey skyscraper next to London Bridge station as a cat fight that could end up leaving no one happy.

Fashion retailer-turned-property developer Irvine Sellar dreamed up the scheme with backing from the secretive Syrian investor Simon Halabi’s family trust and Swedish company CLS Holdings.

As the project enters a crucial phase, the parties seem to have patched up their differences.

But it is by no means certain who will end up developing the Shard, and whose money will be used to finance it. The industry wonders if the developers will be able to overcome a weakening market and the huge construction challenges ahead.

Teighmore, the partnership behind the tower, had a triumphant 2006, securing high-profile tenants and initial funding. It says there is no doubt that the project will start on site this December.

’Of course it’s going to be built, otherwise we have a lot of people doing a lot of work for nothing,’ says James Sellar, the son of Irvine and director at Teighmore. ‘There are very few sites in London where you could build such a scheme as this.’

He is backed by his head of property, Barry Ostle. ‘People keep saying that nothing is happening,’ he says on a tour of the proposed Shard location. ‘But look, we have started. Those are hard hats down there.’ He points to a truck and two contractors in the car park behind London Bridge who are carrying out enabling works on the site.


Ostle says the Shard is ‘ahead of most of the other towers in London,’ and, to a certain extent, it is. It has secured the all-important planning consent after an £8.5m public inquiry battle in 2002 that was fought and won by Teighmore’s QC, the renowned Christopher ‘KitKat’ Katkowski. Ostle says it has a 300-strong project team preparing the site for work to begin.

Lagging behind

Meanwhile its rivals in the tall building stakes are still some way off the mark. Land Securities’ ‘Walkie Talkie’ tower at 20 Fenchurch Street has been called in by the secretary of state and Arab Investments’ Pinnacle tower on Bishopsgate has received planning but has yet to secure tenants.

’Although the site was originally bought as a straight investment deal, we soon came aware of the possibility for a tower after the government changed its policies on the density of development around transport nodes,’ says Sellar. ‘It would be a lost opportunity if we didn’t take the advantage of this chance to intensify the site.’

It may well be a lost opportunity for all three partners, which each hold an equal equity share, but that has not stopped them squabbling over the project and its perceived riches. The Teighmore partnership has generated law suits and its fair share of acrimony hardly a happy recipe for success.

In November 2005 Halabi sued Sellar Property Group, CLS and his own family trust’s insurers in the Jersey courts over the project’s ownership, claiming his stake in the tower had been ‘wrongfully reduced’. The case was settled out of court a month later after Sellar and CLS agreed that Halabi would be able co-invest on equal terms in the 600,000 sq ft New London Bridge House next to the Shard.

CLS says: ‘Halabi’s family trust paid £3.2m to CLS and Sellar Property Group to purchase a one-third interest in New London Bridge House. It is believed that Halabi’s trust may have been paid a substantial sum by his trustee’s insurers, however, neither CLS nor SPG had any involvement in that arrangement.’

Then in January this year the old rivalries reared up again with reports that Halabi was ‘incensed’ by Sellar and CLS’s attempts to charge him £28m in project management fees.

So fevered was the speculation that the partnership was headed for a huge row that CLS issued the following statement: ‘The [£28m] figure covers a significantly wider brief and represents the combined development fees to be charged to the consortium by Sellar Property Group and CLS Holdings in their roles as developers of the Shard and New London Bridge House, of which Halabi’s Trust, SPG and CLS will each bear a one-third share.’

Since then, talk of a rift in the partnership has died down, although there are continued rumours that Halabi will sell his stake to the highest bidder.

Sellar says it has ‘been made known a long time ago that Halabi was reconfiguring his portfolio and considering his options’, but that this had no bearing on the workings of the partnership that are healthy.

Additionally, Teighmore has contracted Sellar to develop the scheme and says any change in its shareholder structure will not affect the progress of the Shard.

’We have had disagreements in the past, which have been settled,’ says Sellar. ‘It was part of normal commercial business. We get on together and we have various meetings and steering groups where everybody works well.’

There seems to be more momentum behind the project following the securing of a £196m interim loan from Nationwide and Kaupthing Singer & Friedlander last year.

This enabled Teighmore to finance the initial land purchase and 97-year long leasehold from Network Rail and pay £70m to PricewaterhouseCoopers for the surrender of its long leasehold at Southwark Towers, which was due to expire in 2100.





Mark Bampton, head of structured property finance at Nationwide Commercial Lending, says: ‘Nationwide Commercial is providing a loan to help cover the refinancing of the initial land acquisition, and compensation for the previous tenants, PricewaterhouseCoopers.

Our relationship will end when the development itself starts, with the facility being repaid by the development finance.’the money programme Additional fit-out costs will vary according to the type of use. Ostle estimates that Shell-and-core construction costs could be as high as £416m or £210/sq ft.

A significant cash injection is needed, and none of the parties involved seem willing to provide it themselves. Pressure is beginning to mount as the December demolition start date nears and the two-year window before repayments on its initial Nationwide loan narrows, yet no further development finance has been secured. And banking sources say there is unlikely to be any more without another prelet to ensure the scheme’s success.

James Sellar will not comment on funding ‘It is the partnership’s business ' but says Teighmore has agreed ‘reasonable terms that are subject to us’ on its loan with Nationwide.

He says the scheme’s success has already been assured by its 200,000 sq ft prelet to Transport for London and by landing the first five-star Shangri-La hotel in Europe.

Yet agents and rival developers question whether the scheme is in the right location to attract blue-chip tenants and whether it made the right choice in securing TfL as its debut tenant and letting PricewaterhouseCoopers out of its grasp.

The transport body has a bullet-proof covenant, but it has not set any records with a rent rumoured to be around £38/sq ft on a 30-year term. Nor is it necessarily a tenant that provides a draw for high-profile occupiers that a scheme such as the Shard needs to secure.

James Sellar will brook no argument about its location or the wisdom of the TfL deal. ‘London Bridge has a great blend of uses,’ he says. ‘It is right at the edge of the City but is also within a large residential area with a multitude of cultural uses, from Borough Market and all along the South Bank. TfL is a good covenant and it is in the lower element of the building.’

A more pressing concern may be ensuring that the Shard hits the market at the right time. The scheduled completion date is in 2011 at a time when most market research indicates that oversupply will flood the City market.

But James Sellar is not setting much stock by this research. ‘If you speak to different agents you get different views,’ he says. ‘There is a constant take-up of supply over time in the City, and we will be attracting tenants interested in a high-quality environment.’

Ostle’s hopes are equally high. ‘We want to make a big impact,’ he says. ‘We do not want a building with different uses just stuck together.’

The City of London wants that too. But the partnership developing the Shard has to prove its strength.

Who ultimately ends up developing the scheme, and whether Teighmore’s partners remain together, will be as eagerly watched as any reality TV show.
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Old July 6th, 2007, 04:55 PM   #245
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I really like it. I think that London has some really cutting edge building designs. It does remind me of the TransAmerica Tower in San Francisco.
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Old July 6th, 2007, 04:57 PM   #246
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London skyscrapers: so much talking and so little action
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Old July 6th, 2007, 05:36 PM   #247
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^ I agree. If they were just honest and said when demolition was starting, I wouldn't mind as much. But they keep getting our hopes up, and then pushing the schedule further back. This has happened several times now. First it was summer 2005, then the end of 2005, then summer of 2006, then end of 2006, then summer 2007... now it's the end of 2007. No doubt this will change yet again.

I can't understand the problem here. I mean, the building is being vacated right now. It will be empty by next month, so why will it take another 4 months to even begin demolition?

The result of this, is that construction itself (i.e. core/steelwork) won't start until May 2009... that's nearly a whole 2 years away!
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Old July 7th, 2007, 02:11 PM   #248
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Quote:
Originally Posted by wjfox2002 View Post
Europe’s tallest tower?
, and what is with moscow?
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Old July 7th, 2007, 04:26 PM   #249
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hmmm moscows russia and russia is more asian then europe.
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Old July 7th, 2007, 05:00 PM   #250
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, and what is with moscow?

The towers in moscow haven't been compleated yet. So The shard can advertise itself as the tallest.
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Old July 7th, 2007, 05:12 PM   #251
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It's a common mistake which keeps appearing again and again on all the news websites. If only they did a little research (a 30 second search on Google...) they'd find there are actually several towers higher than LBT being planned in Europe.
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Old July 7th, 2007, 05:21 PM   #252
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Quote:
London Skyscrapers: so much talking and so little action
Another misinformed post..i dont think you have a clue what you are prattling on about!!

Tall Buildings Under Construction in London.

1.City Of London....Broadgate Tower:165m

2.City Of London...Willis Building:125m

3.City Of London....122 Leadenhall:225m

4.City Of London...100 Middlesex St:105m

5.City Of London...Ropemaker Place:96m

6.Docklands...Pan Peninsula Tower1: 147m

7.Docklands...Pan peninsula Tower2: 122m

8.Docklands..22 Marsh Wall Tower 1:140m

9.Docklands..22 Marsh Wall tower2:98m

10.Docklands..Riverside South Tower1: 236m

11.Docklands..Riverside South Tower2: 189m

12.Docklands..Arrowhead Quay: 114m

13.Docklands...Cross Harbour Tower: 131m

Buildings Awiting construction pahse and current buildings being demolished:

14.City Of London: Heron Tower:242m

15.City Of London: Broadgate tower:288m

Also numerous midrise buildings U/c ..not bad for a place hwhich is all talk and no action as you dribbled.
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Old July 7th, 2007, 05:35 PM   #253
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hmmm moscows russia and russia is more asian then europe.
have you had any education before??? moscow been and always be in europe !
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Old July 7th, 2007, 07:05 PM   #254
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15.City Of London: Broadgate tower:288m

Also numerous midrise buildings U/c ..not bad for a place hwhich is all talk and no action as you dribbled.
You mean Bishopsgate tower, not Broadgate tower.
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Old July 7th, 2007, 07:11 PM   #255
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The reduced copy of a tower Russia, but as a whole it is quite good
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Old July 7th, 2007, 07:15 PM   #256
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it does take ages 4 a tall building to be built due to all the historicness of london...frustrating but with out it we would loose toristes...
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Old July 7th, 2007, 07:22 PM   #257
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I love this building , is so futuristic.
But altius is right too many renders an so little actions.
The others buldings have not so much renders but they are under construction...
However, nice talls, for all the projects you listed greenwich, for me bishop tower is a supertall not a midrise.
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Old July 7th, 2007, 07:25 PM   #258
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The reduced copy of a tower Russia, but as a whole it is quite good

Copy? I hardly call it that considering this has been proposed/approved since 2002 way before the Foster redesign came into fruition. It's the Russia tower's design from Norman Foster, a fellow Brit himself who 'copied' this design.
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Old July 7th, 2007, 07:29 PM   #259
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The reduced copy of a tower Russia, but as a whole it is quite good
Em... What?

This tower was around LONG before the new incarnation of the tower of Russia.

The Tower of Russia is a stretched copy of London Bridge Tower going by your logic, so get your facts right.
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Old July 7th, 2007, 07:31 PM   #260
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The others buldings have not so much renders but they are under construction...
I actually find of all the really tall towers in London, it is the Shard that has the least renders.
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