You would have had to be asleep for the last year not to know that it's getting very hard to borrow money these days: the property market is in sharp decline. One major residential development right here in Glastonbury has ground to a halt for that very reason.
Will this affect Urban Splash and their plans for the site? You won't find the news articles below in the news section of their website, although you can search their site for Morlands and get a few results - you can also register your interest in Morlands too! Anyway, here's a link to Urban Splash's factsheet about Morlands (pdf).
If this image (from the factsheet - sod the copyright) is anything to go by, they want to build something that looks like glorified converted containers with bolt-on prison staircases, surrounded by lovely grey paving stones...don't get me wrong, I like good modern architecture, but I don't fancy living in a shoe box with windows sitting a pad of concrete. Note the lack of gardens and children and no less than three men in suits.
How, I wonder, are Urban Splash faring in the current financial and property market downturn? Here's what the papers say:
BBC: Staff at Urban Splash face cuts
September 12 2008
Quote:
"Manchester-based property development firm Urban Splash has begun a redundancy programme following "disappointing" sales.
The company, which specialises in converting former industrial buildings, employs 280 people but has not said how many are facing redundancy.
It has blamed deterioration in the UK economy for the decision. "
Herald Express (South Devon) Urban Splash hit by credit crunch
October 15 2008
Quote:
"ONE of the developers lined up to redevelop Paignton's historic Oldway Mansion is faced with laying off staff because of the credit crunch.
Urban Splash has been hit hard by the banking crisis and mortgage freeze, particularly in the North West.
The Manchester based developer, responsible for some of the most highly praised regeneration projects in the country, confirmed it has begun consultation on redundancies.
(...)
The council is scheduled to decide between them by the end of the year following a public consultation on their proposals.
Urban Splash says the credit crunch had forced the firm to consider making cuts."
Liverpool Daily Post: Urban Splash blames economic gloom for 60 job losses
November 15 2008
Quote:
"PROPERTY group Urban Splash is to cut more than 20% of its workforce after confirming 60 jobs will be lost.
The Manchester-based firm, which has a Liverpool office, announced in September it was consulting with employees about potential job losses.
It blames the deteriorating economy and disappointing sales in the first half of 2008."
Manchester Evening News: Urban Splash warns of further job cuts
December 12 2008
Quote:
"REGENERATION developer Urban Splash looks set to make more job cuts.
The Manchester-based company confirmed today it was reviewing its construction staffing in the north and had begun a fresh consultation period with workers.
The news comes just a fortnight after the company confirmed it had made 60 jobs redundant from its 250-strong workforce across its five UK divisions."
"Last month Splash chairman and chief executive Tom Bloxham said more public investment was needed, both nationally and locally, and warned: 'The whole regeneration cycle is in danger of crashing to a halt.'"
The word from the Royal William Yard in Plymouth is about staff layoffs and unsold apartments.
So there you have it - four months on the trot. Urban Crash, I think?
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