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Work on the Pinnacle skyscraper in London has been postponed yet again as developers struggle to locate tenants willing to sign up for office space in the commercial property.
Builders on the 64-storey building were ordered off the site last week with just seven of the floors completed so far. It is believed that the developer, Arab Investors, is finding it difficult to locate funding due to only ten per cent of the proposed 900,000 square feet of office space having so far been let. The downturn in the worldwide economy is making many big companies think twice before committing to letting expensive new office space.
The tower in Bishopsgate, believed to be worth around £800 million, is one of a number of skyscrapers in the process of being erected in London, including the likes of the Walkie Talkie in Fenchurch Street, Leadenhall Street’s Cheesegrater, and the Shard at Tower Bridge, all of which are competing for tenants.
Work on the Pinnacle was previously postponed in the autumn of last year, but recommenced when HSBC was appointed in order to secure the next stage of the funding. That deal however was predicated on the dealer being able to secure pre-letting on a major proportion of the tower. “The same problem as last year,” is how a spokesman for Arab Investors describes the situation. “They still need a pre-let in order to unlock the development finance.”
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