Monday, 21 April 2008

Credit Crunch to hit Oval development?

The proposed Oval shopping complex in Darlington may be delayed due to the international credit crunch, said both the Leader of the Council and the Director of Development this morning, at the public Town Centre Forum meeting. Councillor Williams said he was "worried" about the effect that the squeeze on credit might have on the scheme. He admitted that it was taking much longer than planned to get the finance in place.

Frankly, I find it astonishing that this scheme, which has been talked about and planned for several years, still doesn't have its funding in place! The privatisation of this large area of the town centre leaves us at the mercy of property developers and the international money men.

With the Pedestrian Heart now almost complete (when are the snagging works going to be finished, by the way?) and an enlivened Town Centre Management, it would be a great shame if the finishing block of a fashion-oriented centre, with a multi-screen cinema, were to be delayed any longer.

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