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Contract signed for Nine Elms skyscraper project

Contract signed for Nine Elms skyscraper project

A £200 million contract has been signed for the construction of a new 50-storey residential tower in south London.

Dubai-based developer DAMAC International has appointed Lendlease to build the AYKON London One scheme, which will consist of the taller North Tower, a 24-storey South Tower, and a connecting liveable skybridge.

The £645 million project will also include some affordable apartments and office, leisure and retail space, plus a rooftop garden on the South Tower. Fashion house Versace is also involved in the project and will be designing the interiors of the buildings. It is the first residential project DAMAC has undertaken outside the Middle East.

Commenting on the project, DAMAC chairman Hussain Sajwani said: "We have great confidence in the London marketplace and this project is already proving to be highly desirable to customers and investors from within the UK as well as other parts of the world."

Such confidence may provide a boost for the UK construction industry in the wake of Brexit, as an ongoing commitment by international investors to spend on major developments in the UK will provide thousands of jobs and feed through into other parts of the economy.

Lendlease have certainly reaped the benefits of this investment. Managing Director of Construction for Lendlease Europe Neil Martin remarked: "We are excited that DAMAC Group has chosen Lendlease to deliver its flagship project in the UK.

"Our strategy of taking a selective approach to bidding is paying off, and is allowing us to focus on prestigious projects such as this one."

The Nine Elms area where the tower will be built is one place where ongoing investment from the UK and overseas is expected to go on helping redevelop the area. Covering 227 hectares, it stretches along the south bank of the Thames from Vauxhall to Battersea and projects funded by overseas investment include the redevelopment of Battersea Power Station by a Malaysian consortium.

Nine Elms is also receiving new infrastructure investment, notably a new spur of the Northern Line of the London Underground, including two new stations.

Image: iStock

 

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