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News - 23 April 2008

Brighton Marina plans re-think

Brunswick Development Group, the developers of the £235 million redevelopment of the outer harbour at Brighton Marina, are reviewing the timetable of the project in response to the uncertain housing market.

The Argus newspaper has reported that Brunswick are now looking in detail at the blueprints in the light of a feared drop in property prices and a gloomy economy which could cut the profit on new homes coming on to the market.

Andrew Goodall, leading the redevelopment, said "We are taking a step back. I would like to see what is happening with the market before we launch the next round of building works"

"We had not planned building works for the next six months and it gives us the opportunity to tailor the project that we put into the market."

He added that despite the global banking crisis, funding was not a problem and the scheme was still on track.

The Brunswick Development project at the marina, includes 853 flats, some within a 40-storey tower, as well as a small amount of leisure and shopping space.

Tony Mernagh, the executive director of Brighton and Hove Economic Partnership, said: "Developers spread the risk by borrowing from different banks for major projects and it will be very difficult for a developer to bring these things to fruition until the credit crunch has been sorted out and banks start lending again..

"That will delay every project in the country so it is not just a Brighton problem. The question is for how long."

Simon Kirby, prospective parliamentary candidate for Brighton Kemptown, said: "Developers are market-driven and if the market is looking shaky you can understand them being cautious.

"If they are going to spend hundreds of millions of pounds they need to know they can get the money back."


Read related items on:
Development sites
Brunswick Development Group
Goodall, Andrew
Kirby, Simon
Mernagh, Tony
Brighton Marina


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