Did you know that there is a version of The Construction Index for the USA? Visit the site No thanks
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Wed December 07 2016

Related Information
Related Information
Related Information
Related Information

News » UK » Chinese developer fails again to reach One Nine Elms deal » published 11 Nov 2016

Chinese developer fails again to reach One Nine Elms deal

Balfour Beatty has walked away from the opportunity to build the £1bn One Nine Elms development in south London after failing to agree terms with the Chinese client.

CGI of the One Nine Elms towers Above: CGI of the One Nine Elms towers

It is the second contractor to be appointed to the scheme only to then drop out.

Balfour Beatty signed a preconstruction services agreement in July 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 the contract was retendered.

A Balfour Beatty spokeswoman said: “We can confirm that Balfour Beatty’s preconstruction services agreement with Wanda One (UK) Ltd for the main contract for the One Nine Elms development comes to a close on 18th November. Wanda One (UK) Ltd and Balfour Beatty will not be proceeding to a full contract award for the development.”

Multiplex is believed to be the next contractor lining up to have a go at striking a deal on programme and price.

 

 

 

MPU

Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 11 Nov 2016 (last updated on 11 Nov 2016).

More News Channels