Brighton’s £540m Regeneration put on hold by Brexit

EU Referendum result has hampered a massive redevelopment programme.

A £540m redevelopment of Churchill Square is at risk due to Brexit

Much has been made of the potential ramifications of the UK’s impending departure from the EU. Indeed, you’re probably sick to death of hearing about what the so-called Brexit would mean for immigration, the economy and trade. But Brighton specifically appears to have been caught in the mire despite overwhelmingly voting to remain.

A major redevelopment, which would surely change the face of Brighton’s seafront and town, has been put on hold after fears from business and property giants about the economic toll that such an enormous redevelopment would take on the city.

The estimated £540m Brighton Waterfront scheme, designed to extend Churchill Square to the seafront and a relocation of the Brighton Centre to Black Rock, is now at risk of being put on hold after the Bank of England and Aviva both made amendments to their lending and property policies respectively. The latter put the suspension of their property fund down to “extraordinary market circumstances”.

The Brighton Centre was set for relocation to Black Rock - Photo: Argus

The Brighton Centre was set for relocation to Black Rock – Photo: Argus

Brightonians will be hoping that the post-referendum economy does not result in the delay of the scheme given the potential rejuvenation it could provide the city. However, Green Party convenor Phélim MacCafferty has since expressed grave concerns for the “jobs, affordable homes and opportunities” for Brighton residents should the deal collapse.

The Green Party's Phelim MacCafferty fears the ramifications for the people of Brighton - Photo: Phelimmac via Twitter

The Green Party’s Phelim MacCafferty fears the ramifications for the people of Brighton – Photo: Phelimmac via Twitter

The current uncertainty reverberating around the country will be a bitter pill to swallow for the people of Brighton especially. With the vast majority having opted to stay in the European Union, an immediate and devastating blow to their economy, job prospects and property developments is a gut-wrenching consequence of something which they so desperately endeavoured to avoid. It’ll surely be a situation that many towns and cities in the country will find themselves in during this period in which Article 50 is looming ominously, waiting to be invoked, but for now Brighton and Hove have every right to feel aggrieved. They don’t deserve this.

So what do you think? Are you angered by the potential disruption to the scheme? Let us know.

 

Matt Cowdock, @MattCowdock, matt@bjournal.co

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