First phase of delayed Multiplex towers job in Battersea completes
18/12/23
One Nine Elms scheme had been mothballed last year because of funding problems for Chinese developer.
The first phase of Multiplex’s delayed £1bn One Nine Elms project in London has now reached practical completion.
Initially expected to finish in the first half of this year, the Battersea job ground to a halt last year, with Multiplex downing tools over a payment dispute with client Guangzhou-based client R&F Properties.
Last summer, the Hong Kong-listed developer announced a financing package for One Nine Elms, worth more than £770m, which it said would provide the funding necessary to complete the build.
The shells and cores of the two towers had been built by the time the payment dispute blew up
The development, designed by KPF, is comprised of two residential towers.
The 57-storey City Tower features 334 for-sale residential units, while the 42-storey River Tower will host the 203-room Park Hyatt hotel and 103 Park Hyatt-branded luxury apartments.
Phase 2 of the scheme, which is for the Park Hyatt Hotel, is expected to complete in the first quarter of next year with the hotel due to be taking its first guests next summer.
The project also includes 57 affordable housing units, which will be sold to Thames Valley Housing.
R&F bought the job from Dalian Wanda five years ago after that developer, also China-based, had made Multiplex the third contractor appointed to the project.
Source; Building