huge news out of the uk Partnership ends for Stratford City
03 May 2006
MAJOR landholder for the key Stratford City development has stunned the business world with news it is to axe its partners in the £4 billion homes and commercial regeneration project.
A statement from London & Continental Railways (LCR) late on Friday stated that it has commenced the procedure to terminate its contract with Stratford City Developments Limited (SCDL), the company owned by Stanhope, Westfield, Multiplex and Aldersgate.
Termination, they claim, will ensure progress can be maintained on delivering the first phase of the development and the provision of the Olympic village for London 2012 and media centre.
The Olympic Delivery Authority (ODA) immediately insisted the decision to end the contract will not affect the timetable or the budget necessary to build the facilities for the Games.
Stratford City Developments had been contracted to develop the 73-hectare site, but the partners have been in dispute.
Pat Coughtrey's story in full in this week's Recorder.
MXG
multiplex group
