| 22 August, 2017

Damac awards $308 million London contract

The contract to build the Aykon London One project to Australian-headquartered construction firm Multiplex.

Aykon London One is the developer's first London project within the Nine Elms district.

Aykon London One is the developer's first London project within the Nine Elms district.

DAMAC/handout via Thomson Reuters Zawya

22 August 2017

Nine Elms Property, the company set up to build Damac International's Aykon London One project, has awarded a £240 million ($307.8 million) main contract to Australian-headquartered construction firm Multiplex, the Dubai-based developer said on Tuesday.

Damac International had initially announced a £200 million contract award to build the 50-storey tower to Australia's Lend Lease 12 months ago, but a deal between the two firms was never finalised. Preliminary works continued, however, and it is still scheduled for completion by the end of 2020.

Aykon London One is the developer's first London project within the Nine Elms district, which sits on the south bank of London's river Thames, in an area that is undergoing widespread redevelopment. The nearby Battersea Power Station is undergoing a major redevelopment to transform it into a new, £1 billion-plus mixed use community.

Aykon London One has been designed by New York-based architects Kohn Pedersen Fox and will contain Versace-branded apartments through a deal with the Italian fashion house's home decor division, Versace Home.

It will house 450 homes when complete, and Damac said that 45 percent of these have now been pre-sold.

“Aykon London One is our premiere international development outside of the Middle East and a landmark project for the UK’s capital,” Hussain Sajwani, chairman of Damac, was quoted as saying in a press statement.

“Based on its 50-year track record and expertise in the construction industry, we are delighted to appoint Multiplex as the main contractor to build this iconic residential project which will be the first-of-its-kind in London," he added.

"The project continues to garner interest from investors who appreciate such a niche investment opportunity and seek premium branded real estate in one of the most desirable cities in the world.”

The project consists of two buildings linked by a sky bridge. The south building will contain affordable homes on lower levels and four storeys of offices at the top, while the North Tower will house the luxury apartments. The buildings will have a roof garden on the 24th floor and the development will also have 9,924 square foot of communal gardens.

Damac said that the project has been valued at 645 million euros ($827.1 million).

AYKON London One with interiors by Versace. Image supplied by DAMAC.

© Zawya 2017