Lowther Manelli suspend work on Penrith New Squares
All of us are in some way being affected by the credit crunch as banks reign in their commitments to property markets. Penrith New Squares is no exception. Citing concerns with the current state of the market particularly the commercial and residential sectors as its reason, National Australia Bank has withdrawn its project funding for Penrith New Squares.
Lowther Manelli therefore regrets to announce that due to circumstances outside of its reasonable control, the development of Penrith New Squares is being delayed whilst new long term funding arrangements are put in place.
Despite the national financial situation, Lowther Manelli and Sainsbury’s do remain committed to delivering Penrith New Squares. The aim is to re-start the project in the New Year when alternative funding sources are in place.
This is an important project for Penrith, which has housing shortages in the starter-home and affordable homes markets, and shoppers are leaving Penrith for neighbouring centres such as Kendal and Carlisle. Lowther Manelli and Sainsbury’s will be working with Eden District Council to mitigate the circumstances that have caused the delay.
The main site at Southend Road, where Thomas Armstrong and Bowmer & Kirkland commenced construction at the beginning of the summer, is in the process of being closed, as is Frenchfield, where Atkinson’s Builders have been building the new football club for PAFC. Car parking for the town in the locations currently provided will continue.
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| View of the Town Square and link street |
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