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Friday, March 31, 2006
Olympics warnings
A new report by Davis Langdon has warned that the Olympics will be a drain on the construction skills market and may have a significant impact on the rest of the UK, causing other projects to potentially fail. It adds that the Olympics will add a further 1-2% to current inflation trends, with an overall rate of 6% from 2008 onwards, the risk of price spikes in certain locations during 2007/08 and 2010 as projects come on stream, and that projects unattractive to contractors would struggle to achieve competitive or properly resourced bids. (via Building, subscribers only)

Meanwhile after intense speculation this week, Building also reports that Stanhope have sold their stake in Stratford City. This is expected to lead to a bidding war between Westfield and the Reuben Brothers for each other's stake, in order to gain total control of the lucrative development.

This all comes at the same time as sources close to the Olympic Delivery Authority are leaking news that it is facing a substantial cash shortfall on the 2012 construction programme and that it might have to prune the bid, leading to fears that some of the more progressive aspects could be axed.

ODA chairman Jack Lemley and chief executive David Higgins are undertaking a review of the masterplan that should lead to a definite costing for the facilities. This is thought likely to be substantially more than the £3.7bn in the bid althouth of course their 'official spokepeople' are saying "It is far too early to start saying we're going to ‘de-spec'. As far as we are concerned we are on schedule."

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