Leale's Yard project falls behind schedule
THE development of Leale’s Yard is behind schedule and costs are rising – but the Co-op and its developers remain fully committed to the project.
They have scotched rumours of the scheme being halted and said they plan to start clearing the 13-acre site later this year.
‘Realistically, we should be able to start demolition and site clearance within the next three to six months,’ said Jeremy Rihoy, managing director of JW Rihoy, the Co-op’s construction partner.
‘We are 100% committed to the Leale’s Yard development and our arrangement with the Co-op remains in place.
‘It is true to say that the project has thrown up some particular challenges and progress has also been slowed by the turbulent economic situation.
‘However, those things go with the territory and our job is to work our way around them. That is exactly what we are doing.’
In April last year, plans were unveiled to turn the brownfield site behind the Bridge into more than 300 homes, a new Co-op food store, other retail space, a multi-storey car park for more than 300 vehicles and various civic and green areas.
The Development & Planning Authority gave outline planning approval in November but with more than two dozen conditions.
The conditions incorporate parking, new road junctions, ecology plans, landscaping, external lighting and noise.
‘It is fair to say that the project has slipped a little bit. The important point is that we are working to the conditions of the planning approval,’ said Mark Cox, the Co-op’s chief executive.
‘Clearly, the costs are rising. But, from the Co-op’s perspective, we are confident with the current position.’
Mr Cox said the next planning application – for demolition of the derelict site – should be submitted to the DPA in the second quarter of this year.
‘We are updating plans to ensure we can meet the 26 conditions imposed by the DPA, especially for the parts we are retaining ownership of – the store and the car park,’ said Mr Cox.
‘The kind of detailed work we are doing at the moment includes planning the shop layout, designing pillars and columns, which are quite important because of the flats and other retail space which will sit above the store.’
Several unsuccessful attempts have been made to redevelop Leale’s Yard over the past three decades.
It is estimated that the latest proposed scheme would require at least £50m. of private sector investment during construction and result in spending of at least £150m. on local facilities management services after construction.
