Recession Hampers Development of Scottish Provident Building
Construction work on the new development project for the Scottish Provident building has been stalled before it could begin by Australian developer Stockland, which has refused to begin construction unless more future tenants are available. Therefore, as sale of pre-lets to future development projects has dropped following the recent economic turmoil, one of
With its main entrance on
He further stated that Stockland understands the current pre-let situation and is ready to start work with immediate effect. Yet it wants to see more interest being exhibited in the project before striking the first hammer and spending time dealing with contractors. Lindsay said that this process is simply taking more time than they expected, putting the blame on the bad times that the economy is going through. Despite the slump in new investment into the office rental market, interest in available office space remains, with small business and freelancers looking for rent desk space.
Meanwhile, the buildings’ interiors have been thoroughly cleared by Stockland. Once contractors get the green light on the project, the buildings will be pulled down and new structures will replace them.
Stockland wants to see light at the end of the tunnel in the form of potential profits before they spend more on the project.
