Saturday, 19 July 2008

Credit crunch concern crops corporate construction collateral credibility and confidence

In other words, if they built it now they would lose money.

This is close to home. The Yorkshire Evening Post reports that construction work in Leeds on what was to have been the largest residential apartment block in Europe has been halted because of financial worries.

Richard Dean, Joint Managing Director at K W Linfoot Plc said: "We are of course disappointed that we are unable to progress plans for Lumiere to the anticipated timescale but we have to take heed of the current climate. We have made a sensible and pragmatic decision to put on hold construction at a time when the piling works are complete and before we embark on the next phase.

"We have already invested a considerable amount of time and money to deliver this iconic structure for Leeds and remain committed to progress plans when the market stabilises. Hopefully this will be sooner rather than later".
I hope so too. I pass this site often and do not want to see it abandoned and walled off. We've all put up with the mud, noise and traffic delays for months so how about giving something back Linfoot? All it would take is bit of topsoil and some turf, what better way to mothball a site?

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