St Modwen has withdrawn from an arrangement with Great Yarmouth Borough Council to form a regeneration company to develop council-owned sites in the town.
An agreement between the council and St Modwen was reached a year ago, and the partnership was to work in tandem with 1st East, the urban regeneration company recently set up for Yarmouth and Lowestoft.
Bill Oliver, managing director of St Modwen’s cited a combination of reasons leading to the withdraw, one being the lack of substantive opportunities in Great Yarmouth, coupled with the resignation of Richard Frogart, who was St Modwen’s lead on the partnership.
Oliver said: “With Richard leaving and a lack of development opportunities we made our decision to withdraw.”
Mark Barrow, economic director with the council, said: “We were very disappointed when St Modwen wrote to us saying they were unable to continue.
“There have been changes on the board and the company has refocused its activity”.
Great Yarmouth Council plans to continue regeneration in the area by seeking different developers for key sites.
The council is currently seeking proposals for a 30-acre seafront site, stretching from the Marina Leisure Centre on the waterfront up to but not including the Winter Gardens.
Meanwhile, the Great Yarmouth Port stakeholders have announced the selection of a preferred partner for the planned EastPort scheme in the town.
International Port Holdings, who will develop and operate EastPort, aim to construct an outer harbour by early 2008 and use this and the existing river port and to expand commercial operations in Great Yarmouth.
References: EGi News 05/07/06
