Balfour Beatty signs for One Nine Elms
Balfour Beatty has signed a preconstruction services agreement with Chinese developer Wanda One to build One Nine Elms, a £1bn development in the Vauxhall area of London.
Wanda One had previously lined up CI-One Construction, a joint venture of Interserve and China State Construction Engineering Corporation, to build the two residential-led towers but detailed negotiations over a proposed £550m main works contract broke down after several months of work and in April it was announced that the contract was being retendered. [See previous report here.]
Balfour Beatty and Wanda One will now work up contract details, with the aim of signing a final deal by the end of the year.
Tim Gawthorn, director at Wanda One (UK), told property website CoStar: “We can confirm the PCSA agreement has been signed with Balfour Beatty, which marks another important milestone in the delivery of One Nine Elms, we are delighted to be working with Balfour Beatty on One Nine Elms and the delivery of this iconic London development.”
Dean Banks, managing director at Balfour Beatty’s UK Construction Services business said: “We are pleased to be awarded the pre-construction services agreement for One Nine Elms and to be partnering with Wanda One to get this fantastic project underway. This reflects the depth and breadth of experience we have in this sector and builds on the success of similar projects across London.”
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This article was published on 18 Jul 2016 (last updated on 18 Jul 2016).