The original scheme, which Hyde entered into before the present administration was elected, was only to have included a community hall, dryside sports area and a learning disability resource centre, all to be funded by a substantial amount of social housing.
Despite their public commitment to the scheme and the effort they have invested in getting the project to design stage, Hyde have told the council they are no longer willing to proceed in the current uncertain economic climate.
However, the council refuses to regard this as a setback, and says Hyde's turnaround provides an opportunity for taking a fresh look at how best to fulfil its pool pledge while also taking account of changing local opinion.
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Council Leader Mike Fisher: "There's no escaping that Hyde's withdrawal is disappointing even though the deal to involve Hyde was struck before we took control of the council. A lot of work has gone on with the housing association to produce a practical, desirable and sustainable scheme. However, Hyde's revised position is not a major shock. Clearly, many developers are finding life tough in today's fast-changing economic climate. Generally, housing associations are finding it difficult to raise sufficient development finance and take on significant market exposure. This is a pattern across London and the rest of the country. And it's certainly better for us to learn of Hyde's financial concerns now than a few months down the line when work on site could easily have started.
"There is a strong business plan for the pool and we are still in a very good position to move forward. Doing the development ourselves is certainly an option and we'll be considering this while also sounding out other possible partners. At the same time, we've now got a chance to look at how we might better meet some of the concerns we've heard from residents, including those worried about the density of the building down by Fiveways where it backs on to Coldhardbour Road. As we review some of the alternatives we'll be considering how these requests might be met."
(CD/JM)
