From ‘Construction News‘…
Tottenham Hotspur has warned that plans for a hotel as part of its new stadium development are currently “unviable”, but the club remains committed to building the project.
The proposed building on the corner of Tottenham High Road and Park Lane, which includes a 180-room four-star hotel, a basement car park, pool, gym and serviced apartments, will cost £67.8m to build, according to planning documents submitted to Haringey Council by the club last month.
A new financial appraisal revealed “a worsened overall scheme viability, largely due to construction cost inflation and the impacts of Brexit”, according to the club.
A letter from the club’s head of planning Richard Serra to Haringey Council said: “Hotel construction cannot commence… until after the completion of the new stadium, by which time the viability of the hotel may have improved.”
Mace was picked as main contractor for the stadium development in November 2015, but it is understood that construction of the hotel is not included in that contract.
The football club added that new ramp access into the stadium basement car park from Park Lane has resulted in a “significant increase in the cost of the construction of the basement beneath the proposed hotel”.
The hotel element of the complex, which covers 167,000 sq ft, will cost £31.8m to build, while the 49 serviced apartments on the upper floors will have a total build cost of £16.8m.