Bauman Lyons Architects’ biggest-ever project, a flagship £45 million eco-scheme in Leeds, has suffered a blow from the credit crunch after its developer withdrew from the scheme.
Isis, the developer behind the Tower Works project unveiled at the Mipim property fair in February and submitted for planning only last week, left the scheme by mutual agreement with landowner Yorkshire Forward, it emerged.
Isis has recently made a number of staff redundant, and last week announced the departure of its chief executive. But Bauman Lyons director Irena Bauman insisted the project would go ahead.
Tower Works, which forms part of the wider Holbeck Urban Village project in Leeds city centre, has been designed as a low-carbon development with a 150-year lifespan. Won by Bauman Lyons through competitive tender, it includes 134 residential apartments, 13,500sq m of office space, public realm along the waterfront, and the restoration of two grade II* listed Italianate towers.
RIBA Yorkshire described the blow to Tower Works as part of an “unfortunate” trend in the region.
Regional director Emma England said: “ Unfortunately, it’s a bit of a trend. It’s very disappointing. These are good, high-quality projects, and now we don’t know when they’ll be realised.”
Jan Anderson, environment director at Yorkshire Forward, said: “In today’s economic climate, [there are] significant pressures on developers and investors. We will be as flexible as possible in finding ways of keeping our key regeneration schemes on track... We remain confident that Tower Works as envisaged in the planning application will make a stunning contribution to Holbeck.”
Bauman said: “Yorkshire Forward is weighing up a number of possibilities for developing the scheme… We know it’s going to happen. ”
By Marguerite Lazell
www.bdonline.co.uk
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