Funding doubts hit Shard of Glass

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Planning permission to build the 1,000ft tower was granted in 2003 but building work has not yet started.

Now it has emerged that Transport for London, which was planning to move into the building in 2011, is looking for alternative accommodation.

Experts say the building's developers are having difficulties securing funding and, with an estimated build-time of three years and no firm start date for the work, it is looking increasingly unlikely that TfL will move into the London Bridge tower as planned.

TfL agreed in April last year that it would lease part of the building. But, according to today's Property Week, its contract contains a clause allowing it to pull out of the agreement under certain conditions.

A spokesman for Mayor Ken Livingstone told Property Week: "The Mayor looks forward to [TfL] taking up residence in this iconic new building." But he added: " Obviously any company planning to move into offices not yet built has to have contingency plans."

The tower is being developed by Irvine Sellar's Sellar Property Group, CLS Holdings and Simon Halabi's Buckingham Securities.

There is a scheduled start date in December but insiders say the project's consortium has failed to secure sufficient finance.

It has borrowed £196 million but needs more than £800 million.