'New town' pull-out defended

04 November 2009

LANDOWNERS the London Development Agency defended their decision to pull out of a £1.5billion plan to develop a 'new town' at Silvertown Quays.

Five thousand homes, offices, shops and a huge aquarium were proposed on the 68-acre site in a partnership between the Agency, Silvertown Quays and the Bank of Scotland.

But the Agency said they decided to pull out after tiring of delays.

It is understood that a £119million loan with the Bank of Scotland Corporate was suspended last year. And the property market crash scuppered plans to sell houses in advance to finance the project.

Despite the blow, Silvertown Quays' chief David Taylor said the group were close to reaching agreement with a joint venture company.

Full story in this week's Recorder