Regeneration plan on hold following funding problems
- Credit: Archant
THE proposed regeneration Ottery’s derelict factory site has stalled as the developer struggles to secure funding to get the project started.
Approved plans for 100 homes on the 5.3 acre Town Mills site include the demolition of the run-down factory building and an expensive conversion of the five-story Old Mill in to apartments.
But councillors at East Devon District Council (EDDC) have been told that the developer, Churchill Property Group South West, had ‘experienced an unwillingness of banks to lend development finance’ which has delayed the project.
Planning officials have suggested several possible solutions to help get the work started, including allowing Churchill Property to sell off parts of the site to other developers.
In a report to councillors last month, James Brown, principal planning officer at EDDC, said: “This would unlock the funding difficulties that are being experienced, allow the conversion to take place and also speed up the whole process.”
You may also want to watch:
But he added that although this approach would minimise the risks of the work either not starting or running in to funding difficulties mid-project, it would ‘not altogether negate them’.
The developer, Paul Conway, said he did not wish to comment on the progress of the application while there were still legal negotiations ongoing.
- 1 Thousands of washed up fish provide easy pickings for fishermen and gulls
- 2 Community rally around pensioner in hour of need
- 3 Photo competition will capture the town's important moments
- 4 Property of the Week: Fortfield Terrace, Sidmouth
- 5 Dan's retail vision provides timely food for thought
- 6 How Devon are you? Take our quiz
- 7 Good vibrations will be felt as the boys return to the beach
- 8 Fundraiser makes brief stop on charity trek
- 9 Band are back... and music lovers brave rain to enjoy show
- 10 New owner sought for prominent Sidmouth seafront businesses