Another big residential project has hit the skids and this one's a biggie. The Lumiere tower in Leeds, England was set to be tallest residential tower in Western Europe. Now plans for the £225m development and its 992 units
are on hold, ostensibly until the market gets a little better and the economy is stronger. The project was halted after the foundations were finished and the developer plans to pick up where they left off once conditions improve. The developer says this could be as early as November but I bet it could be a bit longer than that.
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Reader Comments (Page 1 of 1)
willzville Jul 12th 2008 11:26AM
LOOOL!!! November? As in this November or November 2011? In the UK, most people (experts and the public) don't expect things to even stabilise, let alone get better, in the next 2-3 years.
It's not the prices of the properties here that are expensive (they are ok), its the availability of mortgages thats the problem - its hard to get them even if you can prove that you can well afford them.
I still find it weird how they would go for a development like this in Leeds, of all places.
willzville Jul 12th 2008 11:28AM
LOOOL!!! November? As in this November or November 2011? In the UK, most people (experts and the public) don't expect things to even stabilise, let alone get better, in the next 2-3 years.
It's not the prices of the properties here that are expensive (they are ok), its the availability of mortgages thats the problem - its hard to get them even if you can prove that you can well afford them.
I still find it weird how they would go for a development like this in Leeds, of all places.
Stewart Jul 25th 2008 11:06AM
Have you been to Leeds in the last five years?