New City office tower 18th November 2015

The City of London's Planning and Transportation Committee has resolved to grant planning permission for the latest City skyscraper 22 Bishopsgate, on the site of the former The Pinnacle project, marking a significant step forward in AXA Investment Managers' plans for a new building in the City of London which it intends to deliver with development partner Lipton Rogers.

AXA IM - Real Assets and Lipton Rogers intend to transform this site in the City of London into a 62-storey, 278m tower, and will utlise the foundations and basements of the previous unfinished development on the site.

The project replaces an earlier plan for a 288 m (945 ft) tower named The Pinnacle, on which construction was started in 2008 but suspended in 2012 following a lack of funding, with only the concrete core of the first seven storeys built.

Under the original plans, The Pinnacle was to become the second-tallest building in both the United Kingdom and the European Union after The Shard, also in London.

The original developer was the fund management company Union Investment, with designs for approximately 88,000 square metres (947,200 sq ft) of office space. This was submitted for planning permission in June 2005 and approved in April 2006

In February 2007 it was reported that the Bishopsgate Tower was purchased by Arab Investments, and that the structure would be renamed as The Pinnacle.

In May 2007 it was announced that full funding had been secured and that The Pinnacle was likely to be built speculatively.

Demolition of the existing site began in mid-2007. It was scheduled to be completed by February 2008, however this was delayed until April 2008 because of an injunction won in December 2007 by Hiscox, an insurance company based in neighbouring Great St. Helen's. The company complained about noise pollution from the work. Demolition was completed by June 2008.

The site experienced various stops and starts between 2009 and 2013, until finally being put on hold, reportedly due to a lack of funding.

In February 2015 then brought the news that the site was acquired by a consortium led by Axa Real Estate in a deal worth £300 million (Propertymall is FREE - are you still paying for your property news??). The building was completely re-designed and a new application for planning permission has now been submitted and approved.

The building, renamed as 22 Bishopsgate, will be 278 m (912 ft) tall with 62 storeys. It is estimated the tower will provide approximately 120,000 square metres (1,291,700 sq ft) of office space and 4,000 square metres (43,100 sq ft) for restaurants, retail outlets and viewing galleries.

22 will be topped by the highest free-to-visit public space in London, which will have dedicated lifts and entrance.

22 will also be one of the first office buildings in London to use a consolidated delivery process to halve the total number of vehicle movements, as well as removing vehicles from the road network at peak pedestrian and commuter times.

The building will incorporate a substantial range of tenant amenities including restaurants, leisure space, auditorium, medical facilities with space for education and relaxation as the City's first vertical village.

Anne Kavanagh Global Head of Asset Management & Transactions at AXA IM - Real Assets, said: "The City of London's resolution to grant planning permission for 22 Bishopsgate marks a significant step forward in our plans for this exciting new development which will provide a high quality and environmentally friendly working environment for over 12,000 people in the heart of the City of London. We are long term investors into the City and are of the firm belief that 22 Bishopsgate will be part of its ongoing success story as an international business location and global city."

Commenting on the proposed development, Sir Stuart Lipton of Lipton Rogers said: "22 Bishopsgate has been designed to enhance the quality of life of its occupants by adding amenities which make the work experience more enjoyable and effective."