Irish developer Ballymore is reworking plans for some of its development portfolio to release value from stalled schemes.
This follows a drive earlier this year to sell stakes in a number of its major UK developments. In February 2009, Ballymore had £1.2bn which was due to mature in the next five years.
A spokesman said: “The review of the portfolio is an ongoing process for us. We look at what is in development and what order to put new developments in, allied to the economic climate.”
Ballymore will shortly appoint a new project manager to rework its plans for an SOM-designed, 1.9m sq ft mixed use development at Leamouth Peninsula in east London.
The current plans, which gained consent in May 2007, are for as many as 1,837 homes alongside offices and community facilities. The new plans are expected to be for a smaller scheme.
Ballymore said that it “would look at some elements again that might have been good at the time but are a bit OTT now”.
The group has also opened talks with the London Development Agency about bringing its stalled 2.5m sq ft Minoco Wharf mixed-use development in Royal Docks forward with other landowners.
