AXA Investment Managers – Real Assets is to proceed with the development of 22 Bishopsgate, EC2, in what will be seen as a vote of confidence for the City office market.
Acting on behalf of a consortium of international investors, AXA has said it will go ahead with the construction of the 62-storey skyscraper. It had previously said it was “considering all options” for the scheme.
From Aug 31: 22 Bishopsgate backers to determine skyscraper’s future
AXA said the commitment demonstrated the investors’ confidence in how appealing the 1.4m sq ft development will be to “all types of international and domestic occupiers.”
In a statement, AXA said: “This confidence is based on the unique and broad range of amenities and types of space that 22 will offer, as well as its prime location in the City of London, as one of the leading global centres for international business, notwithstanding the current uncertainties created by the EU Referendum.”
AXA, with its development partner Lipton Rogers, expect to finalise the appointment of a contractor for the main build of the tower within the next few weeks.
Significant preparatory works have already been undertaken on the site, including substantially completing the foundations and ground works, which utilised those from the previous unfinished development, to allow for an accelerated construction timetable, with a target completion date of 2019.
On completion, 22 Bishopsgate will be able to accommodate more than 12,000 workers.
Pierre Vaquier, chief executive of AXA IM – Real Assets, said: “Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development project, aligned to the fact we are taking a long term view of this investment.
“The decision to proceed underscores our confidence in the progressive and attractive development that we will deliver at 22, coupled with the anticipated breadth of demand from local and global occupiers for easily accessible space in a prime location in the City of London, as one of the leading global centres for international business, that will respond to their future business needs.”
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