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2012 aquatics centre will cost £300m

The value of Balfour Beatty’s contract to build the 2012 Olympic Games aquatics centre is just over £300 million.

The Olympic Delivery Authority ended months of speculation this morning over what the final cost would be when it said the deal to build the complex itself would cost £242 million.

In December, Construction News revealed that the cost of the aquatics centre would come in at close to £250 million. The Zaha Hadid-designed centre includes the main swimming pool, diving pool and training pool.

And the firm will also build a 250m bridge that will form part of the centre’s roof and will connect Stratford City to the swimming pool complex. This carries a further price tag of £61 million and at its widest will be around 40m across.

The original aquatics budget was estimated at £75 million and the £303 million represents a fourfold increase on that figure which was originally contained in London’s bid document which it sent to the IOC.

Balfour Beatty has now formally signed the deal to build the venue – it had been sole bidder after rivals bidders Hochtief and Eiffel pulled out last year – and is expected to begin work on site this July.

The centre will have a capacity of 17,500 during the Games which will be reduced to 2,500 in legacy.

The ODA also announced that the budget of the velopark is £80 million with the cost of its centrepiece, the 6,000 seat velodrome, believed to be around £50 million.

The park will also include a BMX circuit, mountain bike course and one mile road cycle circuit. The £80 million figure also includes the cost of legacy conversion.

Three firms – Carillion, ISG and Spanish firm FCC – are all chasing the main velodrome deal with a winner due to be announced later this spring.