Developer Far East Consortium (FEC) has founded DEX Construction as a standalone business to act as an independent contractor. The new business will re-start work on Mount Yard at MeadowSide in Manchester.
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Mount Yard is a 12-storey scheme of 136 one- and two-bed apartments that was originally being delivered by Bardsley and was due for completion this summer.
DEX will be run by managing director Simon Adams who has previously overseen developments for John Sisk and Son, Barratt London and Carillion.
The business is also hiring around five managers previously employed by Bardsley, and all the sub-contractors working on the scheme will be re-engaged.
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.”
FEC is property conglomerate listed on the stock exchange of Hong Kong, since 1972. It specialises in residential development, hotels and commercial ventures, operating across mainland China, Hong Kong, Singapore, Malaysia, Australia, New Zealand and the UK and is also an owner and operator of car parks.
The MeadowSide development which totals 756 homes across four blocks spearheads the Northern Gateway, an investment partnership between FEC and Manchester City Council to deliver over 15,000 new homes across the north side of the city centre over 20 years.
