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AUSSIES PUT BRAKES ON REGENERATION PLAN

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A sudden change in the business strategy of a major partner has left Barnsley MBC facing delay on a key regeneratio...
A sudden change in the business strategy of a major partner has left Barnsley MBC facing delay on a key regeneration project.

The£175m redevelopment of the town centre's market site has been put on hold following the withdrawal of Australian developer Multiplex, which was responsible for raising 90% of the money needed.

David Kennedy, the council's development director, said: 'It was a mutual decision. It is a setback but we hope only for a few months.'

Multiplex has taken over property giants Chelsfield & Stannifer since it signed terms with Barnsley, and is now devoted to absorbing these companies, he said.

'We have appointed DTZ as funder and they have already had expressions of interest from the money markets,' Mr Kennedy explained.

The retail, leisure and residential market project is led by 1249 Regeneration Partnership, with developers Ashcroft Estates and Guildhouse Group.

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