One of the City’s most beleaguered skyscraper developments, the Pinnacle, looks set to be resurrected by Axa Real Estate.
An Axa Real Estate-led consortium has tabled a bid to buy the stalled scheme, which has cope for a 945ft tower with a distinctive helter-skelter design.
It would be bought from Arab Investments and Sedco, the firms are being advised CBRE. Under the deal, it is understood buyers will be required to pay around £220m for the unencumbered freehold site at the junction of Bishopsgate and Threadneedle Street, and be able to finance the £550m build cost for an immediate start on site.
New plans are expected to be worked up by the new owner if the transaction completes.
The owners of the Pinnacle ran into funding difficulties after winning planning in 2006, leading to just seven of the planned 63 storeys being built.
