EDITORIAL COMMENT: Friars Walk effort not all wasted (From South Wales Argus)
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EDITORIAL COMMENT: Friars Walk effort not all wasted
1:40pm Wednesday 10th June 2009 in News By South Wales Argus
EDITORIAL COMMENT: Friars Walk effort not all wasted
IT gives us no great pleasure to report today on the decision by Newport City Council to ditch developer Modus Corovest and its plans to build the Friars Walk shopping centre.
It has become increasingly clear in recent months that first Modus, then its sister company Corovest, could not raise the cash from the banking fraternity to push ahead with its plans to build an impressive new retail centre in the middle of Newport.
We have all been alarmed at the company's difficulty in raising finance, which, combined with stories of Modus hitting problems with its developments in other parts of the country made the Newport scheme look increasingly fragile.
This newspaper has been a keen supporter of the proposals to give our city a modern, state-of-the-art shopping centre.
We were buoyed by the fact that 75 per cent of the retail space in the planned centre was already let to heavyweight high street stores with both Debenhams and Marks and Spencer agreeing to take the anchor positions at each end of the development.
But the credit crunch came along at exactly the wrong time for Newport.
Planning consents and compulsory purchases were in place and work was due to start on building the centre in 2007, with the hope that it would be completed by the Ryder Cup deadline of September 2010. Then we heard that first one bank, then another, had gone back on its promises to provide the up-front finance for the scheme.
Sadly, once the downward spiral began it appears there was no hope of retrieval. So 18 months, at least, has been wasted and the city council has understandably lost patience with Modus Corovest after it became patently obvious that it could not deliver the promised scheme.
Newport Unlimited, the urban regeneration company that facilitated this development, has been powerless to influence the banks and make the scheme happen.
The people of Newport will not be slow to blame both the council and Newport Unlimited, but we believe that little more could have been done to force the banks to lend the money to Modus once the credit crunch took hold.
If events had happened two years earlier we honestly believe the shopping centre would now be built.
Nevertheless the city HAS to move forward and a lot of the work that has been done on planning approvals and new infrastructure will not be wasted, provided a new developer can be found. Major retailers are willing to come to Newport, so long as they have a decent centre to operate in.
It is now vital that the city council finds a company that can not only invest in Newport but can also provide the level of quality that both its citizens and the major stores will be happy with.
Comments(22)
Owain Vaughan
says...
3:27pm Wed 10 Jun 09
Oh and at least Newport has city status on its own merit - it didn't have to borrow Hove.
DEBS1
says...
3:28pm Wed 10 Jun 09
Brighton_1975 wrote:I totaly agree put us back to NEWPORT TOWN
So, what's going to happen to the existing site? Surely no-one in their right mind can consider this to be anything but a 1970's eyesore? My advice is to knock it all down, create a public space that's in keeping with this century and put every effort into letting units in the Kingsway Centre, which is practically barren at the moment. Oh, and strip Newport of its city status as it's just making the place look like an even bigger joke.
Roger Stone
says...
3:51pm Wed 10 Jun 09
Owain Vaughan
says...
4:15pm Wed 10 Jun 09
Brighton_1975
says...
4:28pm Wed 10 Jun 09
Owain Vaughan wrote:Yes, but at least Brighton has fantastic shops, culture, fantastic nightlife, cosmopolitan bars and cafés, shops that open, not close down, on a weekly basis…
Er, they *were* planning to knock it down. The next scheme to come along will knock it down. I don't really understand the point in your question.
Oh and at least Newport has city status on its own merit - it didn't have to borrow Hove.
Dave on his Soapbox
says...
4:29pm Wed 10 Jun 09
Grant Watson
Chairman
Alder King
Councillor Matthew Evans
Leader Newport City Council
Chris Freegard
Managing Director
Newport City Council
John Burrows
Chief Executive
Newport Unlimited
Councillor Ed Townsend
Cabinet Member for Economic Development and Regeneration
Eleanor Marks
Regional Director - South East Wales
Welsh Assembly Government, Department for Enterprise, Innovation and Networks
James Price
Director of Transport and Station Regeneration
Welsh Assembly Government
Pat Lewis
Director of Strategic Regeneration of Heads of the Valleys
Welsh Assembly Government
Gerry Keighley
Editor
South Wales Argus
David Bowler
Managing Director
VINCI Investments
Simon Gibson
Chief Executive
Wesley Clover
James Norvill
Managing Director
GD Environmental Services
Mabs Noor
Business Development Consultant
Dennis Roberts
Director
Office of National Statistics
....where are the members of the general public???
Dave on his Soapbox
says...
4:32pm Wed 10 Jun 09
Spark
says...
5:31pm Wed 10 Jun 09
Brighton_1975 wrote:Oh yeah, well Newps got Poundland, so there!
Owain Vaughan wrote: Er, they *were* planning to knock it down. The next scheme to come along will knock it down. I don't really understand the point in your question. Oh and at least Newport has city status on its own merit - it didn't have to borrow Hove.Yes, but at least Brighton has fantastic shops, culture, fantastic nightlife, cosmopolitan bars and cafés, shops that open, not close down, on a weekly basis…
Bobevans
says...
6:31pm Wed 10 Jun 09
Pretty much every pproject is binned so its time they binned Newport Unlimited
Its OUR money that paying them. Not the Councils.
Then they might loose their Non exec fees though.
The Rabbit
says...
6:37pm Wed 10 Jun 09
If we all knew this why didn’t our councillors?? Perhaps I should be a councillor. I couldn’t do any worse than them.
How does one become a councillor I wonder?
Why are there no members of the public on board of Newport unlimited?
Nobody with any common sense is allowed so it seems. Our job is just to pay for it all. What do the public know anyway.
KazB
says...
7:28pm Wed 10 Jun 09
The Rabbit wrote:Go to www.newport.gov.uk and using the search box type 'how do I become a councillor'
Well well so the council have finally heard what we all have been saying for the last few months and finally realised that this development is not going to happen until well after the Golf has been and gone. If we all knew this why didn’t our councillors?? Perhaps I should be a councillor. I couldn’t do any worse than them. How does one become a councillor I wonder? Why are there no members of the public on board of Newport unlimited? Nobody with any common sense is allowed so it seems. Our job is just to pay for it all. What do the public know anyway.
David Hewett
says...
7:49pm Wed 10 Jun 09
Ger from the Gaer
says...
8:07pm Wed 10 Jun 09
If events had happened two years earlier we honestly believe the shopping centre would now be built.
So why wasn't it started two years ago like it was meant to? Because they were too busy mucking about with the traffic system and building a footbridge that hardly anyone uses to nowhere. This was an important part of the regeneration jigsaw - it should have been in place first.
OutintheWetlands
says...
8:11pm Wed 10 Jun 09
Brighton_1975
says...
9:21pm Wed 10 Jun 09
The only way the people can get their revenge is to expose the council and Newport Unlimited in front of the world's media when the Ryder Cup rolls into town.
This could be through protests, boycotting the entrance to the Celtic Manor, handing out leaflets to the tourists that will explain the years upon years of failed promises etc. At least it will show the visitors that the people of Newport deserve better than what they've got and that Newportonians are decent folk (which the majority are).
The Abrogator
says...
10:17pm Wed 10 Jun 09
EPIC
FAIL
Orson Cart
says...
1:55am Thu 11 Jun 09
Thankfully this will be my last ever post here.
I'M SO GLAD ARGUS READERS HAVE THAT PROMISE IN WRITING.
bobmech1
says...
7:48am Thu 11 Jun 09
However it dosn't change the fact that Newport will be a major disapointment to the visitors for the Ryder cup. The citys facillities are abysmal compared to previous places that the cup has been run. Not enough eating places, accommodation and other basic facilities. I can understand why its being marketed as Cardiff as at least they have something to be proud of.
Ger from the Gaer
says...
8:34am Thu 11 Jun 09
OutintheWetlands wrote:Didn't you know he was on the board then? Well, I only discovered that recently but it's no surprise. The Argus isn't really a newspaper these days - it's a newsletter. Gone are the days when it would have asked searching questions about fiascoes like this and demanded some answers. It's no longer independent and the fact that the editor sits on the board of the entity partly responsible for this mess his impartiality is seriously compromised. As I said, the Argus is just the messenger - and you should never shoot the messenger!
Newport will now be classed as a worldwide failure. Newport deserves to be embarrassed in front of the billions watching the Ryder Cup. Now I know that the Argus editor is on the board I will never buy the paper again. I urge everyone else to BOYCOTT THE ARGUS. Thankfully this will be my last ever post here.
Bobevans
says...
6:58pm Thu 11 Jun 09
We are now left with a sorry mess which is a disater for local traders.
The chances of getting anything other then a cowboy developer in , in the next couple of years is remote. Newport Council as well are still determined to go ahead with the orginal project which was not viable. Look at the Kingway Centre conpleted last year and still almost empty.
People want to shop where there is easy and plentifull parking. Newport Council & Newport Unlimited had other ideas they decided they would discourage cars.
If Newport Council & Newport Unlimiteare so keen on public transport perhaps they will close their car Parks> They will not of cause because 99% of people working their travel by car.
Esta
says...
10:21am Wed 17 Jun 09
Brighton_1975 says...
3:18pm Wed 10 Jun 09
My advice is to knock it all down, create a public space that's in keeping with this century and put every effort into letting units in the Kingsway Centre, which is practically barren at the moment.
Oh, and strip Newport of its city status as it's just making the place look like an even bigger joke.