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Cornhill collapse hits £6m Fenchurch St block

A £6 million office block on Fenchurch Street has been put on hold after Cornhill Construction was put into administration.

Project manager INK said today the block, at 155 Fenchurch Street, is now on hold following Cornhill going into administration last week.

INK’s Keith Porter said he understood the contract with Cornhill had been terminated.

Mr Porter said: “The project has stopped. I believe we have terminated the building contract on the grounds of [Cornhill’s] insolvency.”

It is unclear at present what INK, working for developers Walbrook, plan to do next.

The building was set to be finished this year, and is understood to be around 70 per cent completed. The contract with Cornhill is thought to have been worth about £6 million.

The building is aiming for a “very good” BREEAM rating and is described by developers as a “premium quality office building”.

Sub-contractors are looking at hits running into hundreds of thousands of pounds on the job.

Demolition contractor Metro said it was still waiting for £90,000 and had not been paid at all, despite being first in, with other sub-contractors thought to have taken even larger hits.

Cornhill’s administrator Colin Wilson said this morning that the contracts Cornhill had signed were in the hands of agents Naismiths, in an attempt to recover some cash for the companies’ creditors.