Sir Stuart Lipton is set to make a spectacular return to City of London development, working with Axa Real Estate Investment Management to revive the stalled Pinnacle skyscraper, EC2.
The property grandee’s new firm Lipton Rodgers will act as development manager for the Axa-led consortium, which is in exclusive talks to acquire the scheme from Sedco and Arab Investments.
Lipton and former Stanhope technical director Peter Rogers have worked extensively on designs for low-cost towers.
CBRE was appointed last year to conduct a wholesale review of the scheme to improve its viability before launching it to market earlier this year.
Lipton and Axa are expected to submit a new planning application featuring a significantly less expensive design once contracts have exchanged.
While the consortium secured exclusivity in late October, exchange of contracts is not expected for several weeks.
Meanwhile, rival bidders – including a US investor and a sovereign wealth fund – are continuing to make approaches to Sedco in an attempt to unseat the deal.
While Lipton is best known for developing the City’s Broadgate Estate, he has been absent from development in the Square Mile for several years.
CBRE was marketing the freehold site at the junction of Bishopsgate and Threadneedle Street with an asking price of £220m and a commitment from investors to pursue the £550m development.
It was also seeking to retain an interest in the viewing gallery or leisure use at the top of the proposed 945ft tower.
The original scheme was first consented in 2006 but stalled at seven storeys in early 2012 after running into funding difficulties.
