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Brighton Marina development 'under review'
The £235 million redevelopment
of Brighton Marina is under
review because of troubles in the
housing market, it has emerged.
A feared drop in property prices and
a gloomy economy could cut the profit
on new homes coming on to the
market and put off potential buyers.
The team behind the marina plans
are now looking in detail at the
blueprints to look for ways of ensuring
all the properties are sold.
The project is the sixth crucial
scheme in Brighton and Hove to run
into difficulties in recent times.
Andrew Goodall, leading the redevelopment,
said preparatory work had
been completed but that construction
would not begin until he had reviewed
the state of the economy.
He added: "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 .
"There is quite a lot of work that is
going on behind the scenes.
"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 leisure and shopping space.
Last night members of the business
community spoke of their concern at
the impact Britain's faltering economy
was having on the city's flagship
schemes.
Tony Mernagh, the executive director
of Brighton and Hove Business
Forum, said: "Developers usually
borrow 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 will part
with the cash.
"That will delay every project in the
country. The question is for how long."
Simon Kirby, Conservative
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."
The question mark over the
marina plans comes after five
other major Brighton and Hove
developments hit difficulties.
The £70 million Black Rock
plan to build two ice rinks, an
11,000-seat concert hall, shops
and restaurants is in doubt over
its cost.
The Brighton Centre was
thrown into doubt after the Government
blocked plans to plug
an £18.5 million financial gap
this month.
The i360 tower has been
delayed because of the global
credit crunch. Work was due to
start on the 172m high, £20 million
Brighton Eye last July.
Geoff Lockwood, the chairman
of the West Pier Trust
which owns the site, said: "The
developers are confident on
funding and we are still looking
at this summer for a start date."
The £290 million King Alfred
scheme is running behind schedule.
But Josh Arghiros, who is
behind the Frank Gehry-designed
plan, said his confidence,
and that of financial bankers
ING, had not wavered.
Falmer Stadium has been
delayed because of a blunder by
former Deputy Prime Minster
John Prescott.
However, Brighton Pavilion
MP David Lepper, said the city
remained an attractive proposition
for developers.
11:22am Wednesday 23rd April 2008
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CommentPosted by: HoveMan, Hove on 11:30am Wed 23 Apr 08
How short-sighted can these people be.
This kind of development is for the long term not next year.
How short-sighted can these people be.
This kind of development is for the long term not next year.
Posted by: jimbob, brighton on 12:48pm Wed 23 Apr 08
good all they think of is building more and more homes when are people going to realise that small buisenss are being drivent out of town because buisness land is being gobbled up so were are the jobs going to go?
good all they think of is building more and more homes when are people going to realise that small buisenss are being drivent out of town because buisness land is being gobbled up so were are the jobs going to go?
Posted by: mark, the real world on 1:06pm Wed 23 Apr 08
[quote][bold]HoveMan[/bold] wrote:
How short-sighted can these people be. This kind of development is for the long term not next year.[/quote] my friend the developer cant borrow the money to start work on 2000 flats that may drop 25% in value, the biggest agent in brighton has a office that has not sold a house in 4 months, the money markets are in for further falls, best thing is watch price of gold, watch it go higher and higher. prices are dropping daily. the argus and agents will tell you brighton is special! yeah to many people living on the value of property
HoveMan wrote:
How short-sighted can these people be. This kind of development is for the long term not next year.
my friend the developer cant borrow the money to start work on 2000 flats that may drop 25% in value, the biggest agent in brighton has a office that has not sold a house in 4 months, the money markets are in for further falls, best thing is watch price of gold, watch it go higher and higher. prices are dropping daily. the argus and agents will tell you brighton is special! yeah to many people living on the value of property
Posted by: RAS Putin, Brighton on 1:28pm Wed 23 Apr 08
But Brighton property will only ever go up! (Argus, dawn-of-time - 2007)
But Brighton property will only ever go up! (Argus, dawn-of-time - 2007)
Posted by: mark, hove on 1:33pm Wed 23 Apr 08
wher has the comment from the former resident gone
it was of value to show the ppolicy of buid anf run down,
norfolk sq argus flats(rats) and athe other fast buck or fast spend schemes that hamper life in brighton and hove.
wher has the comment from the former resident gone
it was of value to show the ppolicy of buid anf run down,
norfolk sq argus flats(rats) and athe other fast buck or fast spend schemes that hamper life in brighton and hove.
Posted by: Mandy H, brighton on 1:38pm Wed 23 Apr 08
[quote][bold]HoveMan[/bold] wrote:
How short-sighted can these people be.
This kind of development is for the long term not next year.[/quote] Long term yes, last time the housing crash took 6 years top to bottom, so it certainly would have to be long-term. Try again in 2012 boys, prices may be starting to rise again then if you're lucky.
HoveMan wrote:
How short-sighted can these people be.
This kind of development is for the long term not next year.
Long term yes, last time the housing crash took 6 years top to bottom, so it certainly would have to be long-term. Try again in 2012 boys, prices may be starting to rise again then if you're lucky.
Posted by: David, Hove on 2:06pm Wed 23 Apr 08
[quote][bold]Former Brighton & Hove Resident[/bold] wrote:
I visited Brighton last week. It was first time in ten years since I had been back to town. I had previously lived in Hove for ten years. I was shocked by the dirty, filthy and over commercialised dump that this once beautiful town has become. The politically correct bullsh*tters that run Brighton and Hove Council (councillors, executive management and other managers) should be ashamed of themselves. Brighton Marina is an over developed mess. Brighton town centre is a disgrace and the Lanes are a shadow of what they once were. The streets appears to stuffed full of care in the community benefit claiments. Hove, Portland Road and Portslade look as if they have been dragged through a hedge backwards.[/quote] Nothing bad to say about us then?
Former Brighton & Hove Resident wrote:
I visited Brighton last week. It was first time in ten years since I had been back to town. I had previously lived in Hove for ten years. I was shocked by the dirty, filthy and over commercialised dump that this once beautiful town has become. The politically correct bullsh*tters that run Brighton and Hove Council (councillors, executive management and other managers) should be ashamed of themselves. Brighton Marina is an over developed mess. Brighton town centre is a disgrace and the Lanes are a shadow of what they once were. The streets appears to stuffed full of care in the community benefit claiments. Hove, Portland Road and Portslade look as if they have been dragged through a hedge backwards.
Nothing bad to say about us then?
Posted by: dazv88, brighton on 2:12pm Wed 23 Apr 08
[quote][bold]HoveMan[/bold] wrote:
How short-sighted can these people be. This kind of development is for the long term not next year.[/quote] Simple really, why would they start a development of this proportion when materials will be at a premium, if they wait there is a chance they will make more from the project.
HoveMan wrote:
How short-sighted can these people be. This kind of development is for the long term not next year.
Simple really, why would they start a development of this proportion when materials will be at a premium, if they wait there is a chance they will make more from the project.
Posted by: Steve, Chesham on 2:28pm Wed 23 Apr 08
[quote]But Josh Arghiros, who is behind the Frank Gehrydesigned plan, said his confidence, and that of financial bakers ING, had not wavered.[/quote]
ING, the Financial Bakers - can you bake me an Eccles cake or a nice Victoria sandwich mmm...
But Josh Arghiros, who is behind the Frank Gehrydesigned plan, said his confidence, and that of financial bakers ING, had not wavered.
ING, the Financial Bakers - can you bake me an Eccles cake or a nice Victoria sandwich mmm...
Posted by: tim, brighton on 2:29pm Wed 23 Apr 08
Another of Brighton's grand projects falls apart, that's the whole lot gone by the wayside. I'm staggered that the West Pier blame the credit crunch, they had assets of 2 toffee apples and brighton rock last year.
Brighton should accept reality, it's a medium sized coastal town with decent rail links to London and should view itself as Debenhams not constantly vying to be a Selfridges.
Another of Brighton's grand projects falls apart, that's the whole lot gone by the wayside. I'm staggered that the West Pier blame the credit crunch, they had assets of 2 toffee apples and brighton rock last year.
Brighton should accept reality, it's a medium sized coastal town with decent rail links to London and should view itself as Debenhams not constantly vying to be a Selfridges.
Posted by: Another former resident on 2:33pm Wed 23 Apr 08
[quote][bold]David[/bold] wrote:
[quote][bold]Former Brighton & Hove Resident[/bold] wrote:
I visited Brighton last week. It was first time in ten years since I had been back to town. I had previously lived in Hove for ten years. I was shocked by the dirty, filthy and over commercialised dump that this once beautiful town has become. The politically correct bullsh*tters that run Brighton and Hove Council (councillors, executive management and other managers) should be ashamed of themselves. Brighton Marina is an over developed mess. Brighton town centre is a disgrace and the Lanes are a shadow of what they once were. The streets appears to stuffed full of care in the community benefit claiments. Hove, Portland Road and Portslade look as if they have been dragged through a hedge backwards.[/quote] Nothing bad to say about us then?[/quote] he's right though.
Place is a dump
David wrote:
Former Brighton & Hove Resident wrote:
I visited Brighton last week. It was first time in ten years since I had been back to town. I had previously lived in Hove for ten years. I was shocked by the dirty, filthy and over commercialised dump that this once beautiful town has become. The politically correct bullsh*tters that run Brighton and Hove Council (councillors, executive management and other managers) should be ashamed of themselves. Brighton Marina is an over developed mess. Brighton town centre is a disgrace and the Lanes are a shadow of what they once were. The streets appears to stuffed full of care in the community benefit claiments. Hove, Portland Road and Portslade look as if they have been dragged through a hedge backwards.
Nothing bad to say about us then?
he's right though.
Place is a dump
Posted by: Kevin, Brighton on 2:45pm Wed 23 Apr 08
Sorry David I agree with comments made by the Former Resident of Brighton and Hove. Brighton & Hove. I am 47 years of age and I remember Brighton as a clean family orientated town. Unfortunatley during the past 30 years the town has slipped back. It is over crowded, congested, over priced, over hyped as well as being dirty and filthy as suggested by the previous poster. It is not the fault of any one group or any one political party because as most people feel these days - politicans are worse than useless. Standards have slipped and Brighton is well on it's way to becoming an overblown and blousy version of such dumps as Margate and Blackpool.
Sorry David I agree with comments made by the Former Resident of Brighton and Hove. Brighton & Hove. I am 47 years of age and I remember Brighton as a clean family orientated town. Unfortunatley during the past 30 years the town has slipped back. It is over crowded, congested, over priced, over hyped as well as being dirty and filthy as suggested by the previous poster. It is not the fault of any one group or any one political party because as most people feel these days - politicans are worse than useless. Standards have slipped and Brighton is well on it's way to becoming an overblown and blousy version of such dumps as Margate and Blackpool.
Posted by: wise up sucker, b-right-on on 2:54pm Wed 23 Apr 08
Your article says six major developments are on hold due to funding problems in the banking sector. Mere details!!: "However, Brighton Pavilion MP David Lepper, said the city remained an attractive proposition for developers." Ha Ha Ha
Your article says six major developments are on hold due to funding problems in the banking sector. Mere details!!: "However, Brighton Pavilion MP David Lepper, said the city remained an attractive proposition for developers." Ha Ha Ha
Posted by: Lara on 2:59pm Wed 23 Apr 08
But the Argus told me house prices were to rise 40% in this fair city.
But the Argus told me house prices were to rise 40% in this fair city.
Posted by: Daz, Home on 3:34pm Wed 23 Apr 08
I bought a studio flat in Brighton in 1994 for £25k. A few years earlier it was 'worth' £80k.
Welcome to Crash number 2.
I bought a studio flat in Brighton in 1994 for £25k. A few years earlier it was 'worth' £80k.
Welcome to Crash number 2.
Posted by: Dave, Hove actually on 3:40pm Wed 23 Apr 08
The country is heading for a civil war(if you believe what the political pundits are suggesting) so why would any idiot tie themelves to a big mortgage?
The country is heading for a civil war(if you believe what the political pundits are suggesting) so why would any idiot tie themelves to a big mortgage?
Posted by: Mike on 3:43pm Wed 23 Apr 08
I guess that they will have trouble financing the build programme whilst the property market is as edgy as it is.
I guess that they will have trouble financing the build programme whilst the property market is as edgy as it is.
Posted by: mike, hove on 4:25pm Wed 23 Apr 08
Karis conveniently forgot to mention that ING recently issued a profits warning to shareholders . Maybe they will have to reduce their budget and use some recycled tin cans for the King Alfred .
Karis conveniently forgot to mention that ING recently issued a profits warning to shareholders . Maybe they will have to reduce their budget and use some recycled tin cans for the King Alfred .
Posted by: Gary, Hove on 5:16pm Wed 23 Apr 08
If Brighton is so bad why don't you all move out? Over 8 million people visit the city every year - the population is growing every year, and the city is not as filthy and full of layabouts as it as in the 1980's. Do people even remember how awful our seafront was? No arches, no artist space, nothing! People are believe the media storm about property crashing for years - demand is still as high, there is just a credit problem at the moment. This gives developers the chance to sort their schemes out for the greater good - perhaps the marina might have a few more community facilities/offices now the profit margins on housing developments are tighter. To begin as I finished - why do people just move out and let the overwhelming majority of residents enjoy this city - it is the miserable sods who bring both Brighton and Hove down!
If Brighton is so bad why don't you all move out? Over 8 million people visit the city every year - the population is growing every year, and the city is not as filthy and full of layabouts as it as in the 1980's. Do people even remember how awful our seafront was? No arches, no artist space, nothing! People are believe the media storm about property crashing for years - demand is still as high, there is just a credit problem at the moment. This gives developers the chance to sort their schemes out for the greater good - perhaps the marina might have a few more community facilities/offices now the profit margins on housing developments are tighter. To begin as I finished - why do people just move out and let the overwhelming majority of residents enjoy this city - it is the miserable sods who bring both Brighton and Hove down!
Posted by: Ian Mills, Weybridge on 5:26pm Wed 23 Apr 08
[quote]demand is still as high, there is just a credit problem at the moment.[/quote]
The demand for ferraris amongst 10 year old boys is also sky high; doesn't matter as banks don't lend money to ten year old boys to buy ferraris.
The demand for houses is sky high amongst BTL idiots and other 'investors' who can't recognise the apex of a massive bubble, it doesn't matter because now the banks don't lend money to investors with a mental age of ten.
You need to distinguish between 'pie in the sky fantasy demand from mentalists' and 'real demand - ability to pay'
[bold]Crash Ahoy![/bold]
demand is still as high, there is just a credit problem at the moment.
The demand for ferraris amongst 10 year old boys is also sky high; doesn't matter as banks don't lend money to ten year old boys to buy ferraris.
The demand for houses is sky high amongst BTL idiots and other 'investors' who can't recognise the apex of a massive bubble, it doesn't matter because now the banks don't lend money to investors with a mental age of ten.
You need to distinguish between 'pie in the sky fantasy demand from mentalists' and 'real demand - ability to pay'
Crash Ahoy! Posted by: Charlie, Hove on 5:34pm Wed 23 Apr 08
Hooray for Gary the voice of reason :)
Hooray for Gary the voice of reason :)
Posted by: Notanimby, Brighton on 6:06pm Wed 23 Apr 08
The Tory candidate is rubbing his hands - like his friends running the council he doesn't want 40% affordable housing, doesn't want development near "Tory" areas, doesn't want to create jobs for local people, doesn't want the area to prosper - just wants another Bognor where the lawns and bandstands are kept looking nice.
The Tory candidate is rubbing his hands - like his friends running the council he doesn't want 40% affordable housing, doesn't want development near "Tory" areas, doesn't want to create jobs for local people, doesn't want the area to prosper - just wants another Bognor where the lawns and bandstands are kept looking nice.
Posted by: Big Cheese, Peacehaven on 6:18pm Wed 23 Apr 08
What's wrong with "the lawns and bandstands are kept looking nice"?
What's wrong with "the lawns and bandstands are kept looking nice"?
Posted by: Eco Man, Kemp Town on 8:26pm Wed 23 Apr 08
Arghiros sounds a bit desperate.
Arghiros sounds a bit desperate.
Posted by: Paul, Brighton Seafront on 9:00pm Wed 23 Apr 08
Shame. The Marina has so much potential, but the Western end is an absolute hovel.
Shame. The Marina has so much potential, but the Western end is an absolute hovel.
Posted by: Steve, Brighton Hard on 9:15pm Wed 23 Apr 08
[quote][bold]Notanimby[/bold] wrote:
The Tory candidate is rubbing his hands - like his friends running the council he doesn't want 40% affordable housing, doesn't want development near "Tory" areas, doesn't want to create jobs for local people, doesn't want the area to prosper - just wants another Bognor where the lawns and bandstands are kept looking nice.[/quote] I don't think anyone is rubbing their hands over this or over what is coming our way during the next 5 years (or more).. housing crash, recession, job losses in that order.
Brighton now mainly "service industry" orientated is really going to suffer. Crash Gordons boom is turning to bust before our very eyes..every day another news story shows it unfolding - this is yet another one.
Notanimby wrote:
The Tory candidate is rubbing his hands - like his friends running the council he doesn't want 40% affordable housing, doesn't want development near "Tory" areas, doesn't want to create jobs for local people, doesn't want the area to prosper - just wants another Bognor where the lawns and bandstands are kept looking nice.
I don't think anyone is rubbing their hands over this or over what is coming our way during the next 5 years (or more).. housing crash, recession, job losses in that order.
Brighton now mainly "service industry" orientated is really going to suffer. Crash Gordons boom is turning to bust before our very eyes..every day another news story shows it unfolding - this is yet another one.
Posted by: Who on 10:44pm Wed 23 Apr 08
JUSTIN LANDEEN and LINDSAY LANDEEN
We love our father. He loved making people smile and would light up a room when he walked into it. Our father was an amazing man who always took care of everyone else first. He made friends with people everywhere he went. He was a “people person” - a great friend, co-worker, family member and father.
Our dad was a Vietnam veteran and worked for more than 20 years as a Chicago firefighter saving lives, so to have his own end in such a violent way will never make sense to any of our family members.
JUSTIN LANDEEN and LINDSAY LANDEEN
We love our father. He loved making people smile and would light up a room when he walked into it. Our father was an amazing man who always took care of everyone else first. He made friends with people everywhere he went. He was a “people person” - a great friend, co-worker, family member and father.
Our dad was a Vietnam veteran and worked for more than 20 years as a Chicago firefighter saving lives, so to have his own end in such a violent way will never make sense to any of our family members.
Posted by: paul, brighton on 12:05am Thu 24 Apr 08
The report says that the government couldn't afford to plug an £19mil gap in the brighton centres funding...
Funny that it has magically found another £50 billion to prop up their mates in the city of london...
The report says that the government couldn't afford to plug an £19mil gap in the brighton centres funding...
Funny that it has magically found another £50 billion to prop up their mates in the city of london...
Posted by: EFPS, Over here on 6:16am Thu 24 Apr 08
[quote][bold]Who[/bold] wrote:
JUSTIN LANDEEN and LINDSAY LANDEEN We love our father. He loved making people smile and would light up a room when he walked into it. Our father was an amazing man who always took care of everyone else first. He made friends with people everywhere he went. He was a “people person” - a great friend, co-worker, family member and father. Our dad was a Vietnam veteran and worked for more than 20 years as a Chicago firefighter saving lives, so to have his own end in such a violent way will never make sense to any of our family members. [/quote] And your point is??????
Who wrote:
JUSTIN LANDEEN and LINDSAY LANDEEN We love our father. He loved making people smile and would light up a room when he walked into it. Our father was an amazing man who always took care of everyone else first. He made friends with people everywhere he went. He was a “people person” - a great friend, co-worker, family member and father. Our dad was a Vietnam veteran and worked for more than 20 years as a Chicago firefighter saving lives, so to have his own end in such a violent way will never make sense to any of our family members.
And your point is??????
Posted by: Der, beach on 10:18am Thu 24 Apr 08
"The team behind the marina plans are [bold]now[/bold] looking in detail at the blueprints to look for ways of ensuring all the properties are sold"
Why wait until [bold]now[/bold] - Any developer with any sense would look at this before even spending a penny developing plans - Talk about finding any excuse to consider backing out...Muppets.
"The team behind the marina plans are
now looking in detail at the blueprints to look for ways of ensuring all the properties are sold"
Why wait until
now - Any developer with any sense would look at this before even spending a penny developing plans - Talk about finding any excuse to consider backing out...Muppets.
Posted by: debs, hove on 3:44pm Fri 25 Apr 08
Just goes to show that they were expecting a vast majority of the development to be bought by investors as opposed to owner occupiers. Hardly any of the developments over the last few years in btn seem to be fully occupied so the empty flats I'm sure are being kept in hand by people for their retirment.
Pity really all that money was spent on trying to stop King Alfred, if they'd known the property market was going to crash they needn't have bothered.
Maybe the can stop trying to ruin our city with massive tower blocks now.
Just goes to show that they were expecting a vast majority of the development to be bought by investors as opposed to owner occupiers. Hardly any of the developments over the last few years in btn seem to be fully occupied so the empty flats I'm sure are being kept in hand by people for their retirment.
Pity really all that money was spent on trying to stop King Alfred, if they'd known the property market was going to crash they needn't have bothered.
Maybe the can stop trying to ruin our city with massive tower blocks now.
Posted by: LThomas, Brighton on 1:44pm Tue 6 May 08
I’m relieved they’re thinking again about the Marina development. I don’t mind the towers as such – I like the design, but what a dumb place to put them! Does anyone really want them there? If the council had given a class of five-year-olds some ‘my town’ fuzzy felts and asked them where they thought tall buildings should go, they’d have put them at the back of the town up a hill somewhere… because even five-year-olds know it makes sense to stand the tall kids at the back of a stage.
I’m relieved they’re thinking again about the Marina development. I don’t mind the towers as such – I like the design, but what a dumb place to put them! Does anyone really want them there? If the council had given a class of five-year-olds some ‘my town’ fuzzy felts and asked them where they thought tall buildings should go, they’d have put them at the back of the town up a hill somewhere… because even five-year-olds know it makes sense to stand the tall kids at the back of a stage.
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