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City Road Basin |
BASIN TOWERS HIT BY CREDIT CRUNCH FEARS
Future of canalside blocks plan in doubt as property slump brings delays
CONTROVERSIAL plans for two Centre Point-style tower blocks overlooking Regent’s Canal may be scuppered by the credit crunch, it was revealed this week.
Waterways campaigners believe the plan to build two blocks of 38 and 28 storeys at City Road basin at the Angel – criticised for being “an unsightly blot on the landscape” – could be an early casualty of the downturn in the economy.
The news comes as Mayor of London Boris Johnson is being urged by London Assembly Green member Jenny Jones to dump the tower blocks scheme.
Ms Jones will argue that until now London’s 200-year-old canal network has been protected from unsightly, high-rise developments.
British Waterways, part of a consortium planning to develop the basin, admits there are “delays” and “difficult” conditions but insists the tower blocks scheme will go ahead.
But waterways insiders fear that, with a reduction in government funds and 200 miles of canals to maintain, British Waterways is extremely short of cash.
“If they had really wanted to do this scheme they would have started last year when there was no credit crunch,” said one insider.
Del Brenner, chairman of the Regents Net-work and the Mayor’s Thames and Waterways Steering Group, said: “We’ve always argued these are the wrong buildings in the wrong place. Of course, the developers like to sound positive but I don’t think this scheme is ever going to happen.”
Mr Brenner said there was an opportunity now to look at a completely new development, more in keeping with the historical environment of the basin.
He hoped that Islington Boat Club would now be able to remain at its current base rather than be forced to move to a new location across the basin.
The City Road basin plan was approved by Islington Council three years ago. The first part of the scheme, a stunning new public piazza built by the council, is due to open shortly.
Mr Brenner said: “People’s perceptions have changed since this scheme was first devised. There are no longer huge benefits from property development.”
Stuart Mills, director of property at British Waterways, said: “Inevitably, there may be some delays to the development due to the credit crunch and the difficult conditions that currently exist in the property market. We’re experiencing the same economic difficulties as every other development consortium.
“However, we remain committed to this project and will move onto the next phase of development as soon as the market allows. We have already delivered many of the public benefits which this development is bringing to the basin and the surrounding area, including improved access, paving, landscaping, seating and lighting.
“The basin’s been here for nearly 200 years and we want to ensure it will be here for 200 more, regardless of short-term changes in the economy.” |
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