Nottingham construction hit by credit crunch

Regeneration of Nottingham has reportedly slowed in the face of the global economic turmoil after it emerged that a number of projects are suffering.

The Nottingham Evening Post reports that a scheme at the Trent Basin has had to be shelved after it became impossible to raise funds.

It is understood that as part of the wider Nottingham Waterside Regeneration Area - a partnership between the city council, British Waterways, East Midlands Development Agency and the developer, ISIS, hit difficulties after ISIS was forced to scale back several operations.

Nottingham Regeneration Limited has held talks with ISIS on how and when the project will move forward.

"I remain confident this is a fundamentally important, critical regeneration project. I remain sure it will take place and it needs to take place. The only uncertainty is how that happens and when," NRL chief executive Marc Cole said.

The news provider added that it is possible that commercial property in the form of a food superstore could be constructed on the site.

Meanwhile, a £150 million regeneration of an area near Canary Wharf in London has got the go-ahead from Tower Hamlets council.