Balfour Beatty has won a £102m contract to transform the Queen Elizabeth Olympic Park in London, UK.
The project will involve the construction of the initial phase of the East Wick and Sweetwater development on behalf of East Wick and Sweetwater Projects Phase 1.
Upon completion, the newly created East Wick and Sweetwater neighbourhoods are set to contribute to the Queen Elizabeth Olympic Park regeneration. The development will also provide 1,500 new homes for the community.
Under the initial phase, which marks the first of seven construction phases, Balfour Beatty will deliver four mixed-use buildings.
They include 302 zero carbon apartments, townhouses and duplex residencies, as well as associated commercial facilities, including retail and leisure amenities.
Equity for the construction works will be offered by Balfour Beatty Investments in a joint venture with Places for People. Borrowed funding will come from Homes England.
Balfour Beatty London Regional construction business managing director Graham Hill said: “This contract award builds on Balfour Beatty’s strong relationship with the Queen Elizabeth Olympic Park and the London Legacy Development Corporation, having constructed the London 2012 Aquatics Centre and delivered transformative engineering works to the London Olympic Stadium.
“We look forward to providing East London with a lasting legacy by creating a range of employment opportunities for local people and businesses through the development of this new and exciting neighbourhood.”
As part of the project, which will target environmental assessment method BREEAM ‘Excellent’ status, Balfour Beatty will use reused and recycled sources for 20% of the main building materials.
Ground preparation works for the regeneration project started earlier this year and completion is expected in 2021. The project will employ 500 people at peak construction times.