The developer behind the project, British Land, blamed a sharp fall in demand for commercial office space, as it announced its first quarter results this morning.
In a statement to the City, British Land said: ‘At 122 Leadenhall, demolition and preparation of the sub-structure is proceeding satisfactorily; however, we are reviewing timing of construction and target completion in order to optimise cost and occupational demand.’
British Land had hoped to complete the skyscraper by 2011, but this is now under review despite the dramatic ‘bottom-up’ demolition of the existing building taking place on the site.
Meanwhile, British Land has said it has submitted a planning application for the Hamiltons-designed Colmore Row tower in Birmingham.
The scheme has come under fire from heritage bodies and CABE due its location within a conservation area.