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Work Stalls On 1 Commercial Street

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1 Work Stalls On 1 Commercial Street on Fri Nov 26, 2010 8:08 pm

LeeRain


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Work Stalls On 1 Commercial Street

Published on 29-12-2008 by Skyscrapernews.com
London has to an extent proven immune so far to the level of disruption to under construction schemes that other British cities such as Manchester and Sheffield have experienced but one notable project has been put on hold following complications in the funding of the development.

The J Seifert designed 1 Commercial Street on Aldgate on the eastern fringe of the City of London is a 79 metre tall mixed use building with approximately 10,000 square metres of internal office space and 217 apartments has been hit having reached its eleventh floor by difficulties associated with the collapse of the Icelandic economy.

The hitch to developer Julius Properties, comes in the form of a £93 million funding facility that was being provided by a subsidiary of the collapsed financial giant Landisbanki called Heritage.

With Landisbanki no longer existing, money for the scheme has dried up throwing the construction schedule into doubt raising the spectre that things may not be built in time for the planned August 2011 opening that the developer is committed to.

If they fail to meet this in time one of the companies attached to the developer, Formation and Impala, faces penalty charges of as much as £11.6 million in covering the contract they have for the buildings delivery with the Aldgate East Property Company.

It goes to show, that the economic gales caused by the credit crunch will continue to have a knock-on effect with the economy and property development for the foreseeable future and that the development around Aldgate East is set to experience some major growing pains.

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