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The company built the 拢27.2m second phase of Frasers Property鈥檚 Riverside Quarter scheme in Wandsworth, which was completed last year.

It had been carrying out pre-contract work on the development鈥檚 final element, a 211-apartment project designed by Make and Carey Jones (pictured). But it has emerged the firm was not retained by the developer after its pre-contract service agreement came to an end six weeks ago.

Simon Lear, Frasers Property鈥檚 chief operating officer, said: 鈥淲e couldn鈥檛 get a final cost sum that we were prepared to accept. We are in the process of going back out to tender and that will take place later this year.鈥�

John Ness, managing director of ISG鈥檚 new-build division said: 鈥淲e are obviously disappointed but hope there will be an opportunity to work on the project in the future, particularly having delivered phase two of the development so successfully.鈥�

Frasers said that work on the project, which was expected to start this year, has not been delayed by the need to find another contractor. Lear said: 鈥淥nce we have gone through the tender process, then we will proceed as planned.鈥�

The scheme, which is sited at the mouth of the river Wandle was landscaped by Capita Lovejoy. It won planning permission from Wandsworth council in June. It will include 211 apartments and 184 affordable homes as well as 125,000ft2 of commercial and leisure space complete with swimming pool and gym.

Plans include ground-source heat pumps, public transport improvements and parklands.

A statement from the developer said: 鈥淔ollowing a review of its procurement strategy for phase three of Riverside Quarter, Frasers Property has terminated its preconstruction arrangements with ISG. Frasers has reluctantly agreed to end their association with ISG on this project.鈥�

The news comes two weeks after the RICS revealed the price of new construction work was falling despite rising costs to the industry. Tender prices declined 2.4% in the first three months of the year.