Wednesday, September 03, 2008
Renault Retail shelves £9m London West plans
Renault Retail Group has been forced to abandon plans to redevelop its flagship London West site due to the current economic downturn.
Architects Scaramanga Design had returned a tender for £9 million to develop a five-storey vehicle display area and showroom, featuring a café, workshops and offices.
Building work was due to start last month and was expected to take two years.
Ian Plummer, managing director of Renault Retail Group, said: “I can confirm there was a tender process to redevelop Renault London West with a view to improving efficiency and customer service.
“Current market conditions, particularly the property market, have led to Renault Retail Group re- evaluating these plans.”
However, Plummer said RRG would continue to focus on maximising the efficiency of Renault London West without the redevelopment.
The UK commercial property market faced a tough time during the global credit crunch. Net new lending to commercial property investors was down by a fifth in the second quarter of 2008 compared with the same period in 2007, according to the Bank of England.
Buying and selling of commercial property shrank to £5.13 billion in the three months to the end of June, the lowest quarterly total since the third quarter of 2001.
DATED: 03.09.08
FEED: AM
Architects Scaramanga Design had returned a tender for £9 million to develop a five-storey vehicle display area and showroom, featuring a café, workshops and offices.
Building work was due to start last month and was expected to take two years.
Ian Plummer, managing director of Renault Retail Group, said: “I can confirm there was a tender process to redevelop Renault London West with a view to improving efficiency and customer service.
“Current market conditions, particularly the property market, have led to Renault Retail Group re- evaluating these plans.”
However, Plummer said RRG would continue to focus on maximising the efficiency of Renault London West without the redevelopment.
The UK commercial property market faced a tough time during the global credit crunch. Net new lending to commercial property investors was down by a fifth in the second quarter of 2008 compared with the same period in 2007, according to the Bank of England.
Buying and selling of commercial property shrank to £5.13 billion in the three months to the end of June, the lowest quarterly total since the third quarter of 2001.
DATED: 03.09.08
FEED: AM
