Does anyone think that the credit crunch will derail regeneration projects like Elephant and Castle. I don't mean the private sector projects like Strata already underway but the Southwark/Lend Lease scheme.
Yes. I was speaking to a rather senior property person yesterday evening (sorry that sounds quite so pompous). He isn't involved in the Elephant scheme at all, although he did some work for Southwark earlier this century. However his gut feeling was that whilst what is there may be demolished, it won't be rebuilt.
I agree I can't see the new shopping street coming off at all in the way planned. The whole regeneration has been too badly co-ordinated and now the economic tide has turned against them. I bet the developers are wishing they could get out of it.
If anyone is more optimistic I would love to hear their reasons why.
Yes I am optimistic. I work in the planning world, and apparantly know a bit about what I am talking about (though I am not letting on further). Whilst credit crunch is biting hard in property as elsewhere, you can be confident that most "headline" projects will proceed. E&C has the "headline" quality - location, location, location. Whilst you would be mad not to expect delay likely, you would be to think it will not happen. I might also bravely suggest nothing will be demolished at the shopping centre if what is going in its place is not a dead cert.
Precisely! I am so disillusioned with it. So many people have raved about it since the late 90's and here we are not planned out properly! The private sector has moved in selling (over priced) flats on the basis of the puported regeneration efforts.
I hope anyone thinking of buying into these private overpriced schemes realises what a load of phooey the regeneration promises are. Look no further than our still extant subways/walkways.
I contacted Lendlease to see when contracts would be signed and whether they thought the credit crunch would impact on plans. Their response;
Not yet signed, they'll definitely be a press release when it is.
The second question is a bit nebulous - it wont affect plans, there is an absolute unequivocal commitment to regenerating E & C and indeed it has already started. Might it affect programme? Difficult to say, no one has a crystal ball but everyone knows the property market has slowed down as has the stockmarket and lending. I think we all have to wait and see, but rest assured things are moving forward.