Sir Stuart Lipton’s team closes in on taking over mothballed tower
Developer Lipton Rogers is on the verge of sealing a deal to rescue London’s stalled Pinnacle tower, Building understands.
Lipton Rogers - founded by veteran developer Sir Stuart Lipton and former Stanhope director Peter Rogers in 2013 - has prepared a brand new design for the scheme, scrapping the tower’s original ‘helter skelter’ shape.
Building first revealed last November that Lipton Rogers was the developer involved in the exclusive talks to buy the development, after French fund manager Axa was unmasked as the organisation brokering the deal on behalf of a consortium of overseas investors.
After protracted negotiations over the past four months, Building understands the Axa and Lipton Rogers team are now on the verge of striking a deal, which could be finalised this week.
The City of London has been expecting a fresh planning application with an entirely new design for the mothballed site since at least last autumn.
The Pinnacle has been lying dormant since 2012 when finance dried up, after construction of only nine floors of concrete core, earning it the nickname “the stump”.
Property agent CBRE was drafted in by majority owners Sedco and sharia-compliant fund Pramerica in 2013 to explore options for reviving the scheme and this process is now finally nearing completion.