UK property developers KW Linfoot and Frasers Property have put a £225mln (EUR 283mln) construction project on hold due to the credit crunch, the developers announced on Thursday. Billed as Europe's tallest residential buildings, the Lumiere project in Leeds, was set to transform the city's skyline. The project featured two glass towers of 54 and 32 storeys with a winter garden linking them. More than 600 of the 952 apartments have already been sold.
UK property developers KW Linfoot and Frasers Property have put a £225mln (EUR 283mln) construction project on hold due to the credit crunch, the developers announced on Thursday. Billed as Europe's tallest residential buildings, the Lumiere project in Leeds, was set to transform the city's skyline. The project featured two glass towers of 54 and 32 storeys with a winter garden linking them. More than 600 of the 952 apartments have already been sold.
The developers said building work had been halted until 'the climate stabilises' according to press reports. Richard Dean, joint managing director of K W Linfoot, said: 'We have made a sensible and pragmatic decision to put on hold construction at a time when the piling works are complete and before we embark on the next phase.'
A spokesman for Leeds City Council, which approved planning permission of the project in July 2007, said: 'K W Linfoot was right to adopt a prudent attitude in the current economic climate, but the good news is that this is a postponement, not a cancellation.'
