Serco, Catch 22 and Turning Point have signed a £415m contract to run a new prison at Belmarsh West, London for the next 26 and a half years.

Construction of the new prison will begin immediately, with completion expected in the first half of 2012.

Serco, along with its voluntary sector partners Catch 22 and Turning Point were announced as the preferred bidder to run two new prisons in Belmarsh West, London and Maghull, Liverpool last June. It is expected that the contract to operate the prison at Maghull will be signed later this year.