Simon’s Developments’ £150m Wakefield scheme will no longer be funded by Resolution Properties who have pulled out of the retail-led development.
Robert Laurence’s Resolution pulled out of forward-funding the 560,000 sq ft scheme after being in talks since the summer.
The risk profile of the scheme did not fit with Resolution’s other projects, influencing their decision not to pursue the scheme.
Laurence said: “Our relationship with Simons Group is first class but we couldn’t reach an agreement on Wakefield”.
Property director at Simons, Paul Cross said: “We are committed to the project and as a company will take it forward ourselves”.
Cross said the board has not taken the decision as to whether a funding partner for the scheme will be taken.
Resolution is limiting its exposure in the UK as it is looking to invest in continental Europe. Funding AM Development’s Wolverhampton scheme had also been considered.
Resolution and Simons are committed to a £100m mixed-use scheme in Truro, where they will continue to work with Carrick District Council to draw up a masterplan.
References: Property Week 28/10/05
