Flagship springs a leak? (18th February 2008)
Taylor Wimpey is said to be reviewing its involvement in Lewisham Gateway...
...according to a news item published last Friday in Property Week. A source close to the company told the magazine that the housebuilder had held an internal review into Lewisham Gateway, one of its flagship regeneration projects. The source said the company was debating whether it should continue in the current housing slowdown with such a complex and costly development.
The news comes as no surprise to the Lewisham Gateway opposition groups, who strongly challenged the wildly optimistic financial forecasts made by the developers in their outline planning application. Now, a mere four months after consent was granted, it appears that Taylor Wimpey is having serious doubts about its continued participation in the project.
Of course it's far too early to tell if this news heralds major difficulties ahead for the scheme, and pointless to speculate how this would affect the current prospects for the Rivers Ravensbourne and Quaggy. The Lewisham Gateway flagship is certainly still afloat - but it does appear to have sprung an embarassing leak.
Read the full Property Week News Item here.