Crest Nicholson has put a £400m housing development in Hove on hold because of uncertainty around Brexit.
The proposed project includes 560 homes and a redevelopment of the King Alfred leisure centre overlooking the seafront on Kingsway. It is one of the biggest housing projects in the UK to have been stalled because of Brexit.
Patrick Bergin, chief executive of Crest Nicholson, said: “It would be imprudent of us to make a commitment on a scheme of that type when we’ve got limited visibility on future pricing.” However, he added that the company would commit to the project if an “orderly Brexit deal” with a “known exit strategy” was put in place.
In its preliminary results, reported by the Telegraph and the FT, the housebuilder said full-year pre-tax profit fell 15% as Brexit and a sluggish market in London took their toll.
The homebuilder reported pre-tax profit down to £176.4m for the year ended October 31, marginally below analysts’ consensus.
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