The developer behind Make's The Cube scheme in Birmingham has assured the city the project is still pressing ahead, despite having to put the sale of the scheme on hold.
Birmingham Development Company (BDC) had put the wider 150,000m2
The Mailbox development - of which The Cube is part - up for sale for £300 million but has had to take it off the market due to current turbulence in the global economy.
The scheme had been put up for sale in April, and despite 'significant interest' BDC decided the time was not right to sell, and will wait for the market to improve.
And according to a BDC spokesman, the effects of the troubled global investment markets will not hamper or delay Make's progress with The Cube.
He said: 'The hole is being dug, and the whole team is working on the site as we speak. We have been working on The Mailbox for ten years, and we want to sell at the right time, when the market is good.
'There is a huge state of confusion in the markets, and now is not the time to be rushing into anything. It's a good time to sit on your hands and wait for the market to come good again.'
The delay to the sale of The Mailbox is the first major example of big developments feeling the effects of the ups and down of the stock markets.by Richard Vaughan