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Brookfield Multiplex to take over construction on £290m Principal Place

Brookfield Multiplex is expected to be appointed on the £290m Principal Place development in Shoreditch, London, despite Skanska and Sir Robert McAlpine previously being the two firms shortlisted for the scheme, Construction News can reveal.

Brookfield is currently engaged on advanced design work on the 50-storey tower and is expected to take on the main build contract when a pre-let is found.

The 600,000 sq ft office tower is on hold until a pre-let is secured for a “substantial” part of the office building.

Skanska and Sir Robert McAlpine were in advanced talks with previous client Hammerson, but the scheme was put on hold when negotiations between the client and tenant CMS Cameron McKenna broke down in January last year.

Brookfield Office Properties – Multiplex’s ultimate parent – then took over the development opportunity when it acquired a number of Hammerson’s London office assets for £518m last year.

It has now emerged that Brookfield Multiplex, BOP’s contracting arm, is engaged on Stage D and E detailed design work on the property and is aiming for completion by the end of summer.

A spokeswoman told Construction News it was now “envisaged” that Multiplex will be appointed contractor when the project goes ahead.

The design work was hoped to lead to improvements on the scheme and to assist in the speed of its delivery.

The Foster & Partners-designed project also includes a 200,000 sq ft residential tower, to be delivered in a 50:50 joint venture with Concord Pacific Group.

Meanwhile, Carillion has won a 77-home contract believed to be worth £15m for an intermediate-rent apartment project on the King’s Cross regeneration site, Construction News can reveal.

Dolphin Square Foundation is acquiring the site from developer Argent to rent out to the market.

A conditional deal was struck between DSF and Argent around a year ago, but the building contract has now been let and detailed planning permission granted.

Construction is due to start over summer, with completion expected by mid-2015.

Carillion also recently won an Argent deal worth around £20m to build a student accommodation block with 198 rooms for the Aga Khan Foundation.

Google last week unveiled its designs for a £650m HQ on the site, to be built by Bam Construct.

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