McAleer & Rushe will build a 15-storey 235-bed Premier Inn, a 6,000 sq ft restaurant, 5,000 sq ft of retail units and a half-acre public square.
The contract award follows Nikal securing a £38m funding agreement with LaSalle Investment Management for the project.
McAleer & Rushe is already on site at Exchange Square 2 delivering the £68m first stage of works, a 37-storey build-to-rent tower block with 375 apartments. This has been pre-sold to listed residential landlord Grainger. [See our previous report here.]
Mark Hudson, head of construction at Nikal, said: “We had no hesitation in awarding McAleer & Rushe the contract for this second stage of works at Exchange Square 2. They commenced delivery of the residential tower in July this year and have quickly proven themselves to be a valued partner whose professionalism and commitment is exemplary. We are delighted with how work is progressing and are pleased to have them on board with us until completion in autumn 2022.”
Exchange Square 2 is the latest element in the second phase of Nikal’s Masshouse project, a £350m regeneration plan to redevelop a parcel of land created through the removal of Masshouse Circus, the city’s ‘concrete collar’ ring road, in 2002.
McAleer & Rushe contracts director Shane McCullagh said: “We are delighted to have been awarded the next phase of the Exchange Square development. The Nikal team have shown us incredible support, trust and collaboration that has undeniably resulted in our success thus far on the progress of the build-to-rent tower. We look forward to showcasing our extensive hotel experience, underpinned with our capability in the residential sector to deliver this high-profile development.”
As with the first stage of works, Nikal’s team includes architect Stephenson Studio and structural engineer Curtins, with Arup as building service engineer.