X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Global property developer Lend Lease has warned of delays on two projects in Britain, spooking a market that already has had to deal with delays incurred by Multiplex at Wembley Stadium.A statement by Lend Lease managing director Greg Clarke says the company had been forced to make provisions on its recently completed A$300-million ($221-million) contract for phase one of BBC Broadcasting House in London. Causing the delays, the statement says, is the complexity of the design and defaulting subcontractors.

The firm also made provisions on the A$140-million ($103-million) Bridgewater Place project in Leeds after nine weeks of high winds prevented crane operations and after subcontractor defaults. Clarke adds that none of Lend Lease’s other projects were problematic. “We have no other risk-projects that aren’t within the bounds of normal forecasting errors,” he says

A month ago, fellow Australian property developer Multiplex warned of time and cost overruns on the A$1-billion ($750-million) Wembley Stadium development in Britain. As GlobeSt.com reported last week, that the losses had pushed the company into the red, and Multiplex revealed it would be disposing of all but its core assets.

Lend Lease is also disposing of some assets, albeit on a much smaller scale than Multiplex. The disposals come amid fears of retail underperformance, especially at the Bluewater shopping centre in Kent, where the fund has 25% ownership.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.