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