A Stanhope and ING joint venture have terminated their agreement with Stevenage borough council for a £250m town centre redevelopment.
Stevenage Regeneration Limited was granted planning permission for a £250m scheme in January after scaling back its original £500m scheme for which plans were submitted in 2007.
But due to the “adverse economic conditions” SRL has now decided to walk away from the scheme after ending its exclusivity arrangements with the council.
The council said it was exploring alternative opportunities to promote the regeneration of the town centre.
Council leader Sharon Taylor said: “It is disappointing that, due to market conditions, our partnership was unable to deliver SRL’s scheme, but we appreciate the support SRL has provided to date and understand that the recession has forced it to make this difficult commercial decision.
“However, regenerating the town centre is critical to the future of Stevenage and remains a key priority for the council, and we are actively and urgently considering a number of options to bring forward new opportunities for development.”
Nick.whitten@estatesgazette.com
