The Help Tabloid

Recession and the consequent lack of funds have brought to halt the plans of McAleer and Rushe, an Irish property development company, to build a multi-storeyed office building at the crossing of the City Square and Wellington in Leeds. The company had purchased a knocked down site there with the aim of completing the project in three years to provide spacious office space with the possibility of facilities to rent a desk. However, three years are gone and the project has not been started yet. This reflects on the trend started by recession, which led to Lumiere skyscraper project also being shelved.

The joint agent of the project Gary Cooke from Knight Frank Leeds emphasized that it is a great project, which will help in raising the status of Leeds in the UK commercial business market. The company as well as the local population of the town is very keen on completion of the project.

Due to the meltdown in the financial and real estate markets, the developer is not able to provide the required economic backing for the project independently, though the company is still expectant of completing the project and has only shelved it temporarily.

Mr. Cooke informed that the company is now resorting to finding future occupants who are ready to pay deposits beforehand to self-finance the project. This will help the project in becoming self sufficient to a certain extent. If the developers succeed in their endeavour, the project is likely to be completed sooner than expected.