Balfour Beatty awarded £102 million Queen Elizabeth Olympic Park regeneration contract
08 April 2019
Balfour Beatty today announces that it has secured a £102 million contract to construct phase one of the East Wick and Sweetwater development on behalf of East Wick and Sweetwater Projects Phase 1 Ltd.
The initial phase, which marks the first of seven construction phases, will see the delivery of 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 borrowed funding provided by Homes England.
Once completed, the newly created East Wick and Sweetwater neighbourhoods will contribute to the transformation of the Queen Elizabeth Olympic Park, providing a new, diverse and vibrant part of East London, as well as 1,500 new homes for the community.
Graham Hill, Balfour Beatty’s Managing Director for its London Regional 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.
“We look forward to providing East London with a lasting legacy by creating a range of employment opportunities for local people and businesses through the development of this new and exciting neighbourhood.”
The project will target BREEAM ‘Excellent’ status, an environmental assessment method which monitors the sustainability performance of commercial buildings, and produce 302 Zero Carbon Homes. As outlined in the Queen Elizabeth Park’s Biodiversity Action Plan to form open spaces for recreation, the scheme is committed to biodiversity enhancements. Equally, 20% of the main building materials are to be made from re-used and recycled sources.
Ground preparation works commenced in early 2019 with completion expected in spring 2021. At construction peak, the project will employ approximately 500 people with 7% of its workforce formed of apprentices.
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Notes to editors:
- Balfour Beatty (balfourbeatty.com) is a leading international infrastructure group. With 26,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
- Our main geographies are the UK, US and Hong Kong. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
- Significant projects in Balfour Beatty’s current regional construction portfolio in London include the Madison; a £151m 54 storey residential tower in Canary Wharf. In Westminster, Balfour Beatty Regional Construction London is delivering One Palace Street; a collection of 72 super prime residences located opposite Buckingham Palace, and 60 Curzon Street; a collection of 32 super prime residences and a restaurant, situated in the heart of London’s exclusive Mayfair district. Projects outside of London include the East Slope student accommodation project worth £180m providing 2,117 bedrooms across 28 buildings for the University of Sussex.
- Over the years Balfour Beatty has delivered a range of key projects to keep London moving and its economy thriving. Recently completed projects include the delivery of the £42m 5 Miles Street (Urbanest Vauxhall) scheme; a 32 storey student accommodation tower providing 454 student beds and communal amenities and Vine Street (Urbanest City); a new £85 million mixed-use student accommodation scheme in the City of London. On the site of the Queen Elizabeth Olympic Park, Balfour Beatty has completed a number of projects including the £10m Bobby Moore Primary School and the £31m Bobby Moore Academy Secondary school, which now provides facilities for 1,120 students and will serve the new neighbourhoods of East Wick and Sweetwater. Other completed projects include the £41m Royal National Orthopaedic Hospital (RNOH) in Stanmore, North London on behalf of the RNOH NHS Trust delivering a state-of-the-art five storey inpatient ward facility.
- Balfour Beatty Investments is an international infrastructure investor operating in the UK and US. We provide the investment capability required to deliver complex infrastructure projects. Over the past 22 years, Balfour Beatty Investments has established itself as one of the largest investors in the PPP industry, building a portfolio of more than 70 projects worldwide, predominantly in the UK and North America. In recent years, Balfour Beatty Investments has diversified into new markets including student accommodation and private rental sector housing (multi-family housing in the US).