Flagship project hit by downturn
9:31am Friday 16th May 2008
BUILDING work has slowed on a flagship project in Worcester because of the nationwide downturn in market conditions.
A statement released by Bryant Homes said the construction of homes and a restaurant at Diglis Water would be completed, but it would take longer than originally planned.
The news comes as Worcester City Council leader Simon Geraghty prepared to show former deputy Prime Minister Michael Heseltine around the development today to show how the area is being successfully regenerated.
In the statement, Bryant Homes, a part of Taylor Wimpey, said: "We are in the process of completing phases two and three at Diglis Water to the re-planned schedule of works in accordance with current market conditions.
"The third phase includes construction of the restaurant buildings that overlook the Finger Wharf, that are now also underway. The market is slower since Easter, mainly affected by purchasers' ability to raise finance, which we hope is a short-term situation."
The company has already completed a three-storey building of 48 one and two-bedroom apartments and is currently working on 12 two-bedroom townhouses, backing onto Finger Wharf, plus a mix of 90 homes consisting of one, two and three-bedroom apartments and three and four-bedroom townhouses.
The company will re-evaluate phases four and five, the area overlooking the river basin and bridge, when phases two and three are completed.
Coun Geraghty said the situation would not affect Mr Heseltine's visit as he was scheduled to view the area which has already been completed.
Coun Geraghty said Mr Heseltine would also hear about the city council's renaissance project for the waterside which is not affected by the slowdown.
The plans, which include a new bridge and cycle routes, will be on display in the Guildhall between 6pm and 8pm on Wednesday, May 21, and Thursday, May 22.
A spokeswoman from Berkeley Homes, another developer at Diglis, refused to comment on the situation.