BUILDING of a controversial new development has been delayed due to financial pressures.
Construction on the historic Paynes and Borthwick Wharves development, in Borthwick Street, Deptford, was due for completion in spring 2009.
Work began early last year but construction has now been delayed until further notice,
according to a spokesman for developer Lane Castle.
The £45m development of 247 new homes, including 87 affordable homes, offices and an art gallery, involved the demolition of the historic Borthwick Wharf and the alteration of Paynes Wharf.
Residents' group the Creekside Forum fought against the development and wanted to preserve the old wharves because of their historic significance.
Developer Lane Castle director William Avery said: "We are currently working on revisions
to the construction timetable."
He admitted the timetable has had to be revised
in order to cope with economic pressures within the housing market.
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A spokesman said: "It is in everyone's interest to ensure this important regeneration and residential scheme is completed at a later time when the housing market is more stable."
The revised timetable for construction, and a date for its announcement, is still under
discussion.
Creekside Forum secretary Bill Ellson now fears the site may fall into disrepair should the new timetable mean a period where construction stops completely and workers abandon the site.
Mr Ellson said: "My worry is the site owners are not in a position to ensure security and protect it from thieves. In previous recessions I have seen sites go into neglect."
According to a Lane Castle spokesman, the security at the site will remain the same as it is now should a decision be made to cease construction completely.
Lane Castle co-director Mark O'Grady said: "We remain firmly committed to the project and will press ahead with construction in line with an adjusted timetable, once this is agreed."
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