Shard of Glass 'in doubt'

A stake-holding drama has jeopardised a skyscraper project just south of the river, but the project still looks set to create jobs and boost the surrounding area.

The Shard of Glass skyscraper, set for construction in the London Bridge area, is on the brink of losing one of its biggest backers, but Qatar Investment funds are said to be ready to buy his £30 million stake.

Should plans go ahead, the London Bridge area – home to borough market, Southward Cathedral and the Globe Theatre – will become even more eye-catching with the 310m skyscraper and adjoining low-rise glass edifice dominating the skyline.

Valuing in the region of £1.4 billion should the Shard of Glass complex be built and fully let, new Qatari owners are thought to have reached an agreement with Sellar Property Group to share equal control over the venture but leave the property developer in charge of implementation.

However, fears are mounting that the project could be sidelined as the London commercial property market suffered a difficult few days, leaving question marks over the funding behind several ambitious building projects.

London Bridge-dwellers were hoping to see the Shard completed in 2011, but the timetable has now been set back to at least 2012, amid the financial worries linked to the ongoing credit crunch.

News posted on 21st January, 2008