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Exclusive: Mace bags £40m central London scheme

Mace has won a contract to build a mixed-use project on Tottenham Court Road in London for developer Exemplar, worth up to £40m.

The One Bedford Avenue project will comprise 115,000 sq ft and feature new retail and office space.

Demolition of the site’s existing buildings has already begun with work due to complete in early 2017.

Mace’s win on One Bedford Avenue is the latest in a string of London projects bagged by the contractor in recent months.

Exemplar is working on the project in partnership with real estate investor Ashby Capital and landowner The Bedford Estates.

Since it was founded in 2003, Exemplar has worked on more than 30 projects, totalling over 5m sq ft across London, in areas including Regent Street, Spitalfields and Westminster.

Its largest project, Fitzroy Place, hit the headlines recently when Sir Robert McAlpine identified it as the scheme largely responsible for the £89.7m pre-tax loss it posted in 2013/14.

When it released its annual results in May, the contractor cited “weaknesses” in its operations that had led to project delays and cost escalations.

It said that the sizable loss for the year was largely due to “one difficult project”, later named as Fitzroy Place.

The complex project features a combination of renovated buildings and new developments, including 235 flats, 20,000 sq ft of retail and restaurant space, 220,000 sq ft of commercial office space as well as health and education facilities.

The firm added that all losses had now been provided for in its 2014 accounts, with a review and restructure work already under way.

The contractor also recently lost out to Mace on the first phase of the prestigious £3bn Chelsea Barracks scheme.

The two firms were battling it out to build the phase one of the luxury development, which will include 74 apartments across three blocks ranging in size from one to six bedrooms, plus a cafe on the corner of the first block.

Besides Chelsea Barracks, Mace has won the contract for TIAA Henderson Real Estate’s so-called ‘Can of Ham’ project in the City, and the £120m Hawley Wharf development in Camden, north London.

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