Wayne Mellor Announces Piccadilly Tower Hold
Published on 08-09-2008 by Skyscrapernews.com
The head of the minority partner in the Piccadilly Tower joint venture has announced that the building is on hold... for now.
Wayne Mellor, the managing director of Inacity has announced with some exasperation that in the current climate no-one will finance the 188 metre tall skyscraper allowing it to be built. Inacity was one half of the Merepark partnership that dreamed up the project and who retained a 5% share in the scheme when Ballymore bought in taking a 95% stake.
According to Mellor this doesn't mean it won't be built - he remains confident that over time the scheme can be realised but that right now the residential component of 430 apartments presents too big a risk for anyone to fund the development of with the city centre market in Manchester collapsing.
Ballymore has refused to comment or confirm Mellor's statements but the news will come as little surprise to many observers within the industry. Mulitiple contractors have been reporting for several months they had been taken off the project and behind the scenes other sources have said Ballymore will not be starting new projects outside London in the current climate.
Preparatory works however remain underway on the Piccadilly Tower site that will allow the developers to rapidly start proper construction work on the main tower structure when the financial climate does begin to improve again.
The Skyscrapernews database tracks on hold projects, weights them according to their size and current data suggests that Manchester has a score with regards to the on hold three times greater than Leeds.
If built the Piccadilly Tower will be the tallest building in the country outside of London. Designed by Woods Bagot it will be 188 metres tall, with 58 floors above ground.
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