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Camden Lock Village hit with four-month delay

Plans to build the £120m Camden Lock Village development in north London have suffered a four-month set-back after Network Rail temporarily halted works.

Main contractor Mace, which published its 2015 results today, had to stop construction in January after Network Rail engineers discovered a settlement problem with the railway arches on the scheme.

The repair works took four months to resolve, with the contractor now back on site.

Construction had been originally scheduled to finish in early 2018.

A Network Rail spokesman said: “In January, Network Rail engineers discovered that the railway arches at the Camden Lock Village development were settling.

“As a result, the developer was asked to stop work until the cause had been identified and repairs could be carried out.

“Work on the development recommenced in May, away from the viaduct.”

Mace was appointed as construction manager by Market Tech Holdings in April 2015 to deliver the first phase of the scheme, as revealed by Construction News. 

Plans include 170 new private and affordable homes, a primary school and nursery, retail and market spaces and around 98,760 sq ft of offices and public space.

The first phase also includes incoming utilities and works on Network Rail viaducts.

Altogether the masterplan covers 2 ha and includes eight new buildings of between three and nine storeys in height for retail, leisure and office space.

Specialist contractor McLaughlin & Harvey was appointed by the client to build the infant and junior primary school and nursery as part of the development.

The school is the first part of the scheme to be delivered and is still on track to open in September.

Market Tech owns and manages around 5.6 ha of real estate assets in Camden, including its flagship Camden Lock Village site (also known as Hawley Wharf).

The client is also developing and refurbishing the Camden Lock Market and Union Street Market, the latter of which includes plans for a boutique hotel. It also owns three e-commerce businesses.

Market Tech’s total investment and development portfolio valuation stood at £866.7m, according to its interim results for the six months to 30 September 2015.

Camden Lock Village accounted for £272.5m of the client’s property valuation. The development has an estimated gross development value of £956.3m.

The group’s total revenue for the period stood at £62.2m – £13.8m of which was made up from its property assets and £48.4m from its digital assets.

Its pre-tax profit stood at £10m, with an adjusted EBITDA of £10.6m.

Market Tech is majority-owned by Israeli billionaire Teddy Sagi, who is also the founder of gambling software services company Playtech.

Both Mace and Market Tech declined to comment.

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