Modus has been forced to delay the development of its £230m Friars Walk development in Newport, South Wales, due to the credit crisis and following a funding arrangement which was pulled by one of its banks. It is now searching for an alternative lender. The funding is required to begin the development, Council leader Councillor Bob Bright stated funding is being provided a major High Street bank with negotiations ongoing with another two. It also seems likely that the financial crisis will delay the start to the City Spires development opposite the railway station. Cllr Bright said Modus was focussing its effort on the Friars Walk scheme.
3 comments:
Just as I thought! Did anyone seriously believe that the new shopping centre would be built on time or at all? When the Ryder Cup comes here in 2010,the city will probably look like a building site! Modus should have had everything ready - including financing - this 'city' is an embarrassment to most Newportonians. If I could afford to move I would....
I'm no expert but I think there is no chance that either one of these developments will be finished in time for the Ryder Cup Newport is a complete joke
This is typical of Newport City Council. How many times over the past 20 years have we been promised that Debenhams are going to grace us with their presence and it never materialises. Why is this time going to be any different. This story is being kept very quiet, it hasn't been published in the Argus on or on the Newport City Council website. I wonder why?? It would be nothing to do with the council elections next week would it??? Simple choice... vote for someone else whoever it maybe but not LABOUR and perhaps we will see a change at last in Newport.....
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