British infrastructure developer Balfour Beatty has won a pre-construction services contract from Palace Revive Development, for a £130m residential project at No. 1 Palace Street in St James' Park, London.
Under the contract, Balfour Beatty will be working alongside Palace Revive Development and Northacre for the renovation and new build scheme, located opposite Buckingham Palace.
The services will include programming and procurement, prior to the full construction contract award, which is expected to be given early next year.
Balfour is expected to start construction works for the project following full contract award, with the works expected to be completed by late-2017.
Balfour Beatty UK Construction business managing director Dean Banks said: "I am very pleased that our technical solution to the construction of this complex build has been embraced by Palace Revive Development and Northacre.
"Our proven ability to succeed in constrained construction environments in busy city centres means we are well suited to this prestigious project and we look forward to securing the full contract award early next year."
The firm will be responsible for renovation of the existing six-storey listed building, construction at the back of the retained facades and a complex four-storey basement development.
The refurbished building is expected to comprise 72 apartments, along with more than 10,000ft² of leisure facilities, which will include a gym, swimming pool and a wellness centre.
The development will uphold five architectural styles ranging from French Renaissance to Contemporary, along with a Grade II listed retained façade.
Image: Aerial view of No.1 Palace Street. Photo: courtesy of Balfour Beatty.