Investor shrugs off Brexit fears to press on with 62-storey scheme
Axa has committed to building the 62-storey 22 Bishopsgate tower in the City of London, providing a big confidence boost to the troubled new-build office sector.
In a statement the scheme’s lead investor said its decision to press on with construction demonstrated its “confidence” in both the project and the Square Mile “as one of the leading global centres for international business, that will respond to their future business needs.”
A contractor appointment will be finalised “within the next few weeks”, Axa said. Multiplex has been carrying out pre-construction works.
Axa had paused the scheme in the wake of the Brexit vote to consult with other investors as to whether or not to proceed.
The decision to press the go button is a big boost for the tower’s project team, which includes developer Lipton Rogers, architect PLP, engineer WSP and cost consultant Alinea.
The project’s target completion date has been pushed back a year to 2019.
The prime Square Mile site has a chequered history, after the earlier Saudi-funded Pinnacle scheme was abandoned due to cost issues.
Pierre Vaquier, chief executive 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.”