Wates to replace Ardmore on £200m Hackney housing project

Wates is expected to take over the completion of the £200m Britannia Masterplan housing development in east London following the insolvency of Ardmore Construction Group Ltd (ACGL) in June. Hackney Council reported that the cost of finishing the residential phase is likely to exceed the original approved capital budget of £196.9m.

ACGL was originally contracted in July 2023 to deliver 51 social rent homes, 30 shared ownership homes, and 290 homes for sale. The revenue from these market sales was intended to cross-subsidize the wider masterplan, which includes a leisure centre, school, and public realm. Construction halted when ACGL appointed administrators on June 11.

To mitigate risks, Hackney Council conducted contingency planning by surveying 14 contractors. The council noted that due to the complexity and risk profile of the abandoned project, contractors indicated they would not participate in a mini-competition but would be willing to work on a directly appointed basis. Wates, a Surrey-based developer, will be drawn from a contractor framework operated by Notting Hill Genesis to restart the works.