The cost of refurbishing parts of the old Eurostar concourse at Waterloo station into a retail outlet has jumped sharply after additional problems were uncovered.

Concept image (c) London & Continental Railways

ISG is working preparatory works to convert the former Waterloo International Eurostar Terminal into a new retail and leisure centre in central London. As part of the plans, forty new glass-fronted units will be created across three floors, including a new mezzanine level, and will sit below the existing platforms.

The preparation works contract, worth £41.7 million was granted to contractors, ISG back in October 2018, but the costs have jumped by more than a third, to £57.7 million.

The details were revealed in a notice filed with the EU’s public tenders portal, where they explained that it was now necessary for dilapidation works to be carried out to some of the enabling works previously carried out on the site by another contractor.

The changes include the movement of the original management suite and control room and staff welfare, and a revised location of waste compactor and altered toilet entrance. The value also includes some abortive works costs and additional demolition works required.

Normally, a contract like this needs to go to tender, but the filing with the EU notes that it would be impractical to bring in another contractor while ISG is already on site.

The retail outlet is a £200 million investment, and in 2018 it was announced that Time Out would be their lead tenant for one of its food hall outlets.

The retail centre is due to open in 2021, although that’s a pre-covid prediction, so a delay is likely.



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