The redevelopment of the historic Birmingham Mint building in the city has come to a halt after its financial backer, the Bank of Scotland, refused to bankroll the project.
Proposals for the £30m transformation of the Hockley-based site were to include 186 luxury flats by High Wycombe-based developer Junared.
A number of contractors believed to be owed money, and investors which acquired the flats off-plan, are now waiting to hear whether work will continue on the project.
Worked stopped on site in mid-November. The scheme is now being reviewed and restructured although a restart date is yet to be agreed.
The Bank of Scotland is known to be looking closely at all of its projects and assessing if they are now financially viable in the current difficult trading conditions.
A source said: “Banks just aren’t lending at the moment. We think the project will be completed but the timescales are bound to slip.”
The Birmingham Mint, formerly the world’s largest privately owned mint, closed in 2003 after more than 200 years of producing currency for countries across the globe. The 3.8-acre site sits on the edge the city’s Jewellery Quarter and is part Grade II listed.
In February 2007 George Wimpey sold the
