He told the Evening Standard that he was “absolutely confident” the Oriental City scheme would go ahead despite the economic downturn and property slump, adding: “It would be foolish to say that recent events have had no impact. We are looking at a phased development. The market will be the first part to be constructed so the traders will be the first to return to the site.”
“But we will take a wait-and-see approach with the residential component. In the current climate it would be wiser to wait until the housing market recovers before starting construction.”
Development Securites, who sold the site to B&S, have accepted a 25% non-returnable deposit for the site, but have now extended three times the deadline for the payment of the £52m balance, raising doubts that B&S was able to raise the funds to proceed, but Mr Virdee told the Standard the scheme is on course and demolition work is due to start imminently.
Most recently lookwest covered the extension of the deadline to November 28.