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Sat August 13 2022

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Interserve Chinese JV walks away from £550m Nine Elms towers

12 Apr 16 CI-One Construction, a joint venture between Interserve and China State Construction Engineering Corporation, will not be building the £550m One Nine Elms scheme in south London after all.

The planned towers of One Nine Elms
The planned towers of One Nine Elms

CI-One Construction was selected for the contract a year ago but client and contractor have since been resolutely unable to finalise terms.

Interserve said that CI-One Construction and Wanda One, the UK subsidiary of Chinese developer Dalian Wanda, “have mutually agreed to end negotiations for the main contractor appointment at One Nine Elms”.

The One Nine Elms project includes the construction of two towers of 57 and 42 storeys, together housing 494 apartments, which will be among the tallest residential towers in the UK, and a hotel. [See previous report here]

A CI-One spokesperson said: “CI-One Construction and Wanda One (UK) Ltd have continued to work in a positive manner to conclude outstanding matters to reach contract award on this scheme. Unfortunately we have failed to reach agreement and the client has chosen to pursue a re-tender. CI-One has confirmed that we will not participate in the re-tender process. We wish Wanda One well with the project and will continue to support them whilst outstanding matters are concluded.”

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