Our previous update on The Stag Brewery stated that the owners, City Developments Ltd (CDL) planned to put the site on the market for a possible sale or joint venture deal.
Dartmouth Capital, who have been acting as development managers for CDL, have told us that the owners have now decided to take the site off the market. They have in effect ‘moth-balled’ development of the site.
CDL have parted company with Dartmouth, buying out their financial interests in the site.
The Story Works continue to lease parts of the site for filming and another temporary lease for construction storage for the Olympia re-development scheme will terminate later this year.
CDL have not had offers for the sale of the site which recoup their considerable costs to date and the price originally paid for the site. The increases in finance and building costs, requirements for financial viability reviews during development to reappraise the amount of affordable housing to be delivered, and the volatility in the market due to recent world events have put off potential buyers.
The temporary uses on the site will continue for now, but beyond this the future of this amazing, unique site is more uncertain than ever.
This is a huge disappointment for those of us who have campaigned for a sustainable development bringing the heart back to Mortlake. MBCG believes that if the Council and developers had been more responsive to plans put forward by the community, we would now be seeing the construction of a thriving mixed development with new homes and amenities, retained green space and the much needed relocation of Thomson House School.
We will continue to monitor the situation, explore means of unlocking this development impasse, and keep supporters informed if anything changes. Together, we simply cannot allow this key site in the borough to lay idle.
MBCG