Far East Consortium forms dedicated construction arm
Developer Far East Consortium International Limited (FECIL) has formed DEX Construction, a new standalone UK construction business.
The new Manchester-based company will sit within the FECIL group but will operate as an independent contractor.
DEX will be run by newly-appointed managing director Simon Adams, who has more than 25 years’ experience in project management and director roles, overseeing £275m of developments for John Sisk and Son, Barratt London and Carillion among others.
FEC’s Mount Yard, a 12-storey scheme of apartments and townhouses at the £200m MeadowSide residential scheme in central Manchester, was being delivered by privately-owned regional contractor Bardsley Construction, with completion due in the Summer of 2020.
Just before Christmas it was announced that Bardsley Construction had entered a process of administration.
Now, DEX Construction is taking on around five managers previously employed by Bardsley, and all the sub-contractors working on the scheme will be re-engaged to protect jobs and ensure continuity.
Gavin Taylor, FEC regional general manager, said: “FEC has acted quickly and decisively to ensure the completion of Mount Yard to the highest possible standards and we aim to ensure that any delay in the build schedule will be minimal.
“Additionally, the situation has brought forward our plan to be capable to self-deliver our developments. At the same time, as we grow DEX, we will be free to explore opportunities with other developers and investors nationally.”
DEX Construction is now in possession of the Mount Yard site and work on-site has re-started, and the homes to be built will benefit from NHBC’s leading warranty and insurance cover. The scheme is 40% sold, the vast majority to local owner-occupiers.
Mr Taylor added: “We are delighted to give Mount Yard purchasers the reassurance that the build is back on track.
“Our ability to move rapidly to remedy this unfortunate situation demonstrates FEC’s commitment to Manchester and to our long-term joint venture with Manchester City Council.”
The MeadowSide location spearheads the Northern Gateway, an investment partnership between FEC and Manchester City Council to deliver more than 15,000 new homes across the North side of the city centre over 20 years.
Comprising 136 one-, two- and three-bedroom apartments and townhouses with prices starting from £197,950, Mount Yard is the latest phase of the MeadowSide development of 756 homes across four residential blocks overlooking Angel Meadow Park, the largest green space in central Manchester.
Unlike the contemporary design of other residential blocks at MeadowSide, Mount Yard will feature traditional brick to complement surrounding mills and factory conversions, inspired by the area’s Victorian and industrial heritage.
It boasts sustainable designs using recycled and re-used materials combined with contemporary techniques, glass facades, red brick and steel.
Also under construction at MeadowSide are The Gate and The Stile, offering a total of 286 one-, two- and three-bed apartments and penthouses with 24-hour concierge, gym, private lounge, terrace, glass facades, public realm and commercial units on the ground floors.
MeadowSide is being marketed by property agents JLL.
