Winchester City Council looks set to pull the plug on a £150m residential and retail development project.
The council has decided to end its deal with TH Real Estate to redevelop the Silver Hill area of Winchester after the council leader claimed the developer was “unable to go unconditional” with the scheme.
Councillor Stephen Godfrey, Leader of the City Council, said: “Our decision at council was the sensible one.
“It is time to draw a line under this scheme, pause for breath and consider afresh how best to regenerate this important site.
“TH Real Estate remain significant land holders at Silver Hill and the city council hopes to work with them in seeking a way forward.”
‘Notice to terminate’ is set to be issued after a cabinet meeting next week, although Councillor Godfrey said there was still time for TH Real Estate to commit to the development.
A TH Real Estate spokesperson told Development Finance Today: “We are naturally very disappointed at the council’s decision and will be considering our position once we have received formal notification from the council.”
Winchester City Council has been seeking to develop the Silver Hill area since the 1990s.
Planning consent for 287 residential units and just under 100,000 square feet of retail space was granted in 2009.
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