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City Lofts sent back to planning amid funding concerns



Developer City Lofts  is re-planning two residential schemes amid rumours that the credit crunch has left the current plans financially unviable.



The schemes, both of which already have consent, include an £89.7m residential development at Kings Waterfront in Liverpool, to be developed in a 50:50 joint venture with David McLean Homes .


 


The scheme, which  forms part of the 36-acre Kings Waterfront regeneration, comprises an arena, conference and exhibition facilities, retail and leisure, and two hotels, and was to include 429 flats in three blocks on the site. It got consent in September last year.



City Lofts is expected to reduce the number of residential units in its new submission.



In Glasgow, City Lofts andjoint venture partner Elphinstone have delayed plans for  the  39-storey Elphinstone Place tower, which  was given permission in 2004


 


The £120m development was to comprise 208 flats and 171,001 sq ft of offices.



Sources said the development had been delayed  as  funding  had been  denied by  Elphinestone chairman and chief executive Ken Ross . However, Ross said that new planning consent was being sought because of complications with regulations, not because of funding difficulties.



He told Building magazine that there  the company had  £600m of funds  available , but that building regulations had changed since permission was given four years ago.



In a statement, City Lofts said: “City Loft Developments, David McLean Homes and English Partnerships are working positively together to revise the planning permission in light of the current market conditions.”


 


helen.roxburgh@egi.co.uk

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