Economic Downturn Leads To Withdrawal Of Elvet Waterside Redevelopment Plans

Tuesday 09 February 2010

Proposals for the redevelopment of the Elvet Waterside area in Durham are to be withdrawn as a result of the tough economic climate.

Durham-based development partners Banks Development and Esh Group were jointly chosen to develop the Elvet site by its owners, Durham University and Durham City Council (now Durham County Council), and had put forward plans containing a range of residential properties, as well as commercial units and several new public open spaces.

Michael Shuttleworth, managing director for Banks Property Ltd, says: “It is extremely disappointing to have to withdraw what we believe are still very high quality redevelopment plans, but the climate in which we are now operating means that it is no longer commercially viable to take them forward.

“Revised proposals for the site will be advanced when economic conditions become more favourable.”

Last updated: Tuesday 09 February 2010, 10:01 AM