Australian developer Stockland has pulled out of a 120,000 sq m town centre regeneration project in Essex as it looks to withdraw from the UK due to global financial conditions.
The news comes as a blow to the Harlow Town Centre North Project because Stockland had originally said it would honour all existing agreements despite its gradual withdrawal from the UK, but this is no longer the case.
A statement from Harlow Council, regeneration partnership Harlow Renaissance and the developer said that “as Stockland’s exit timetable has crystallised, it has recently become clear that they are not in a position to complete the scheme”.
Harlow Council and Harlow Renaissance confirmed they hope to procure a new development partner to deliver the scheme and they were confident the scheme would be delivered.
Stockland head of major projects Andy Macdonald said: “Harlow Town Centre North is a fantastic scheme and it is with regret that we at Stockland will not be here to see its completion.”