One Nine Elms has finally appointed a contractor after its bust-up with Balfour

Emma Haslett
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One Nine Elms will include hundreds of new homes, as well as a five-star hotel (Source: One Nine Elms)

Chinese property giant Dalian Wanda said today that it had appointed a new contractor for its £1bn One Nine Elms project, after it fell out with its first choice.

In November it emerged the company had failed to agree terms on the main build contract with Balfour Beatty, a pair of towers rising to 58 storeys which will include hundreds of homes and a five-star hotel.

The fall-out came after Interserve walked away from its appointment as the project's main contractor in April.

Today Dalian Wanda said it had appointed Multiplex, the runner-up in the bidding contest with Balfour, to build the development.

Once it's complete, the 1.14m sq ft One Nine Elms will include 437 homes, 3,584 sq ft of retail space and the first Wanda Vista Hotel to open outside of China.

Nine Elms regeneration

It's part of a massive regeneration of the area around Nine Elms Lane, where thousands of new homes, hundreds of new shops and even a new Tube station are planned.

The huge new development will include a brand new American embassy, as well as a complete transformation of Battersea Power Station, where thousands of new homes and shops are planned.

In September Apple confirmed it will move 1,400 employees from its offices near Oxford Circus to Battersea Power station, leasing 500,000 sq ft across six floors.

But with house price growth in the capital beginning to weaken, analysts have warned prices in the area are looking increasingly vulnerable.

In October JLL, one of the companies advising developer SP Setia on Battersea Power Station, warned average value growth for residential property in the area is set to drop to six per cent by 2020, down from 35 per cent between 2011 and the end of 2015.

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