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Brighton Marina development 'under review'
11:22am Wednesday 23rd April 2008
Comments (32)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.
Your Say YourThe Argus
jimbob, brighton says...
12:48pm Wed 23 Apr 08
mark, the real world says...
1:06pm Wed 23 Apr 08
HoveMan wrote: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
How short-sighted can these people be. This kind of development is for the long term not next year.
RAS Putin, Brighton says...
1:28pm Wed 23 Apr 08
mark, hove says...
1:33pm Wed 23 Apr 08
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.
Mandy H, brighton says...
1:38pm Wed 23 Apr 08
HoveMan wrote: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.
How short-sighted can these people be.
This kind of development is for the long term not next year.
David, Hove says...
2:06pm Wed 23 Apr 08
Former Brighton & Hove Resident wrote:Nothing bad to say about us then?
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.
dazv88, brighton says...
2:12pm Wed 23 Apr 08
HoveMan wrote: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.
How short-sighted can these people be. This kind of development is for the long term not next year.
Steve, Chesham says...
2:28pm Wed 23 Apr 08
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...
tim, brighton says...
2:29pm Wed 23 Apr 08
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 former resident, says...
2:33pm Wed 23 Apr 08
David wrote:he's right though.
Former Brighton & Hove Resident wrote:Nothing bad to say about us then?
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.
Place is a dump
Kevin, Brighton says...
2:45pm Wed 23 Apr 08
wise up sucker, b-right-on says...
2:54pm Wed 23 Apr 08
Lara, says...
2:59pm Wed 23 Apr 08
Daz, Home says...
3:34pm Wed 23 Apr 08
Welcome to Crash number 2.
Dave, Hove actually says...
3:40pm Wed 23 Apr 08
Mike, says...
3:43pm Wed 23 Apr 08
mike, hove says...
4:25pm Wed 23 Apr 08
Gary, Hove says...
5:16pm Wed 23 Apr 08
Ian Mills, Weybridge says...
5:26pm Wed 23 Apr 08
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!
Charlie, Hove says...
5:34pm Wed 23 Apr 08
Notanimby, Brighton says...
6:06pm Wed 23 Apr 08
Big Cheese, Peacehaven says...
6:18pm Wed 23 Apr 08
Eco Man, Kemp Town says...
8:26pm Wed 23 Apr 08
Paul, Brighton Seafront says...
9:00pm Wed 23 Apr 08
Steve, Brighton Hard says...
9:15pm Wed 23 Apr 08
Notanimby wrote: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.
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.
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.
Who, says...
10:44pm Wed 23 Apr 08
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.
paul, brighton says...
12:05am Thu 24 Apr 08
Funny that it has magically found another £50 billion to prop up their mates in the city of london...
EFPS, Over here says...
6:16am Thu 24 Apr 08
Who wrote:And your point is??????
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.
Der, beach says...
10:18am Thu 24 Apr 08
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.
debs, hove says...
3:44pm Fri 25 Apr 08
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.
LThomas, Brighton says...
1:44pm Tue 6 May 08
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HoveMan, Hove says...
11:30am Wed 23 Apr 08
This kind of development is for the long term not next year.