Major contractors are at last preparing to fight it out to deliver Heron Plaza, the £500 million Four Seasons hotel and residential complex for Heron International in the City of London.
The developer is understood to be preparing to put the main construction package for the 43-storey building out to market after delays caused by asbestos and a reported ‘right to light’ dispute with Structadene, the property investment firm run by millionaire developer David Pearl.
A source close to the project said Brookfield Multiplex, Mace, Sir Robert McAlpine and Skanska were among the firms that would prequalify for the job, with an award predicted for the autumn.
The scheme, which includes 120 flats and a 190-bed hotel, follows the completion of the 46-storey Heron Tower by Skanska last year.
Heron International agreed terms with the Four Seasons hotel chain in July 2009 for the scheme at 110 Bishopsgate.
But the discovery of asbestos at buildings currently being demolished at 128-140 Bishopsgate, 77-84 Houndsditch, 87-90 Houndsditch and 142-150 Bishopsgate slowed progress on the development.
The dispute with Mr Pearl, who owns a nearby property, is ongoing, but sources close to the scheme said it was a “minor issue in terms of the scale of the project”.
If the parties fail to resolve the dispute it will be referred to the City of London.
Heron International is understood to be pushing ahead with the hunt for a contractor despite the dispute, but a spokesman declined to comment.
Structadene managing director Michael Goldberger said it would be “inappropriate to comment” on the situation.
The City of London approved the PLP Architecture designed scheme in January last year. It is expected to cost £500m to deliver.
EC Harris has been appointed quantity surveyor to the scheme.
Construction could start by the end of the year, pending the outcome of the dispute.