Crunch delays centre project

Kidderminster's major town centre redevelopment will not move forward until the middle of next year – due to delays caused by the credit crunch.

Some retailers are reluctant to get involved with new projects, the council has admitted.

Although the firm behind the plans, Wilson Bowden, has formed an agreement with Wyre Forest District Council to take the scheme forward, they have been given until mid 2009 to secure tenants.

Council spokesman for the scheme Andrew Dickens said due to the current economic climate many retailers were reviewing what projects to get involved with.

He said: "We need to see that the scheme stacks up financially.

"We cannot build a development without the tenants to fill it. In this current climate many firms are looking at what they can do.

"We have given the developers until the middle of next year to secure the tenants. Then we will review it. It could be that they come back and ask for another three months."

However Mr Dickens said they were hopeful as there was still interest in it, particularly from cinema operators. Mr Dickens added that the scheme was due to be completed in early 2010 but it was now more likely to be the end of 2010 or into 2011.