Construction of Leeds' Lumiere put on hold
James Buckley 09/07/2008 15:45
http://www.egi.co.uk/Articles/Article.aspx?liArticleID=685698&NavigationID=464
Work has stopped on a scheme in Leeds which was to have featured the tallest residential tower in western Europe.
Developers KW Linfoot and Frasers Property Developments say they have put the scheme, known as the Lumiere, on hold as a result of the increasingly uncertain financial climate.
Plans for the scheme's two towers, comprising 55 and 33 storeys each, include 952 flats, shops and offices.
Design firm YOO is involved in the design and branding of the flats and is also a shareholder in the scheme.
The joint venture partners have confirmed that plans will progress when funding can be secured.
"We are of course disappointed that we are unable to progress plans for Lumiere to the anticipated timescale but we have to take heed of the current climate," said Richard Dean, joint managing director at KW Linfoot. "We have made a sensible and pragmatic decision to put on hold construction at a time when the piling works are complete and before we embark on the next phase."
"We have already invested a considerable amount of time and money to deliver this iconic structure for Leeds and remain committed to progress plans when the market stabilises. Hopefully this will be sooner rather than later."
KW Linfoot confirmed that its marketing of the flats will be unaffected.
All existing purchase contracts will remain although completions will be delayed in line with a revised construction programme.
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