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Construction News

Sat April 20 2019

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Balfour Beatty closes £102m Sweetwater deal

8 Apr Balfour Beatty has confirmed that it has signed a £102m contract to construct phase one of the East Wick and Sweetwater development on the Queen Elizabeth Olympic Park.

Balfour Beatty and Places for People are building 1,520 new homes on the Olympic Park
Balfour Beatty and Places for People are building 1,520 new homes on the Olympic Park

The initial phase, which marks the first of seven construction phases, is for four mixed use buildings, including 302 apartments, townhouses and duplex residencies and a number of associated commercial facilities including retail and leisure amenities.

Balfour Beatty Investments, in joint venture with Places for People, will provide equity for the construction works with a £78m loan from Homes England that was agreed in February. [See our previous report here.]

Graham Hill, managing director of Balfour Beatty’s London construction business, said: “This contract award builds on Balfour Beatty’s strong relationship with the Queen Elizabeth Olympic Park and the London Legacy Development Corporation, having constructed the London 2012 Aquatics Centre and delivered transformative engineering works to the London Olympic Stadium.”

Ground works have now started and completion is expected in spring 2021. At construction peak, the project will employ approximately 500 people.

MPU

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