Hyperinflation, Brexit, Covid and nesting falcons: The budget-busting city centre builds saddling the council with millions in debt
The soaring, multi-million pound budgets of two key projects in Manchester city centre have laid bare the economic and specialist trade pressures being faced by organisations both private and public across the country.
A delve into the reasons behind the budget busts reveals the headaches faced by the design teams - and the state of the economy. "These longer lead in times for materials and labour market supply chain pressures, along with the design complexity and a lack of market appetite for specialist products such as acoustic doors, theatre seats and specialist wall linings, have all contributed to the delays in completion," reveals a council progress report.
The construction project is also said to have been hit by hyper-inflation in terms of material prices and 'premium rates' to secure scarce resources. It's all led to Factory International incurring additional costs. It is understood the naming deal with Aviva is worth in the region of £35m and there's also a £670,000 grant from Arts Council England.
A report reveals: "The contract date for completion of the construction works remains 25 June 2024. However, as a result of the ongoing challenges to the programme, the completion date will need to be updated to realistically reflect the latest position. In the meantime, it is now clear that the delays caused by Covid-19 and discovery will be significant and without any mitigation could add two years of delay.
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