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Multiplex bags £400m deal for ex-Scotland Yard HQ

Multiplex has won the £400m-plus deal to redevelop the site of New Scotland Yard’s former central London headquarters.

The contractor has been selected by developer Northacre as the preferred supplier for the design-and-build deal of the £400m Broadway complex.

CN understands Multiplex beat Skanska to the deal, which will see the contractor deliver the 0.7 ha mixed-use development comprising 268 apartments and commercial and retail space.

Northacre, which is a wholly owned subsidy of the Abu Dhabi Financial Group, secured planning permission for the site in 2016.

Keltbray completed the demolition of the 22-storey Scotland Yard HQ in 2017 and finished piling on the project earlier this month.

Multiplex is scheduled to take possession of the site in January 2019, with the project set to be completed in 2021.

The development will comprise six buildings ranging from 14 to 20 storeys in height featuring high-end one, two, three and four-bedroom apartments.

The Broadway is the latest major London development won by Multiplex.

In July 2017 it landed the deal for the £240m Aykon tower scheme at Nine Elms.

The firm is also building the £600m 22 Bishopsgate and the £900m One Nine Elms for Chinese client Wanda One.

Last week Multiplex revealed its pre-tax margin had fallen to 0.4 per cent after the company’s balance sheet was hit by a problem job.

Multiplex posted pre-tax profit of £4.2m on a turnover of £1.16bn for the year to 31 December 2017. This was down 74 per cent from 2016, when profit hit £15.9m on turnover £1.04bn.

Commenting on the Broadway project, Northacre development director David Harman said: “This is a major milestone for the project and demonstrates our commitment to delivering a world-class, vibrant destination located in one of the capital’s most exciting areas.

“To date, all milestones have been delivered ahead of programme, from securing planning consent in 2016, completing demolition of the existing 1960’s 22-storey building in 2017 and more recently finishing the piling phase in June 2018.”

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