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Investors proceed with PLP’s Helter Skelter replacement

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The main investor in PLP’s 22 Bishopsgate has said it will continue to back the replacement for the abandoned KPF-designed Pinnacle scheme

The announcement from AXA Investment Managers – Real Assets follows reports in August that it would ask the scheme’s remaining backers whether they wanted to go ahead with the build in the wake of the EU referendum.

AXA IM – Real Assets said the commitment to the 128,000m² tower demonstrated its confidence, along with that of the consortium of international investors behind the scheme, in the appeal of the development to potential occupiers. Its statement highlighted the draw of its amenities and prime location in a global centre for international business, notwithstanding current uncertainties following the Brexit vote.

The real estate manager and its development partner Lipton Rogers expect to finalise the appointment of a contractor for the main build within the next few weeks. They have a target completion date of 2019.

PLP’s building, which will provide office space for about 12,000 people, replaces KPF’s abandoned Pinnacle scheme – dubbed the Helter Skelter.

AXA IM - Real Assets said the new development, which will include areas for leisure, health and wellbeing, is the first in the UK to apply for the Delos WELL Building Standard. This looks at the health and wellness of occupants.

Pierre Vaquier, CEO 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.’

plp 22 bishopsgate credit riverfilm martin richardson

plp 22 bishopsgate credit riverfilm martin richardson

Source: Riverfilm Martin Richardson

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