Leading international infrastructure group, Balfour Beatty has signed on the dotted line to deliver One Nine Elms, part of Europe’s largest ever regeneration project, Nine Elms which will see the transformation of 3km of London’s riverside into a sleek residential and commercial district.
The firm has signed a preconstruction agreement with Chinese developer Wanda One to build what will be two highly-exclusive apartment blocks in Vauxhall, London. Developed Wanda One had previously held CI-One Construction (an amalgamation of Interserve and China State Construction Engineering Corporation) as firm favourite to complete the build. However, following the breakdown of communication during the negotiation of the £550 main works contract, Wanda One put the tender for One Nine Elms and back on the market earlier this year and it was snapped up by Balfour Beatty.
The pair will now commence ironing out the finer details of the contract with the hope of signing a final contract by the end of 2016, ready to commence works early next year.
Tim Gawthorn, Director at Wanda One (UK), confirmed reports that Balfour Beatty had signed the preconstruction contract, calling it “another important milestone” in the development of One Nine Elms. He expressed his delight at the new partnership and is hopeful that, together, they can deliver the iconic London development.
Dean Banks, Managing Director of Balfour Beatty’s UK Construction Services business echoed Gawthorn’s sentiment, crediting Wanda One and expressing his excitement to get the “fantastic project” going. He said that that Balfour Beatty successful tender reflects the “depth and breadth of experience” that the firm possesses in the large-scale residential sector.
One Nine Elms is expected to be completed in 2018. It will be composed of two skyscrapers, 45-storeys and 60-storeys high, and incorporate more than 400 new apartments as well as a five-star hotel. Considering the problems Wanda One faced working with CI-One Construction, construction will doubtless be fast-tracked with a view to finishing works on time.