'Lots of intererest' reported in stalled housing project opposite Tesco, but activity won't resume in a hurry

The development was due to be named Strawberry Fields after the song by The Beatles 

COULD there be a ray of light for the stalled housing project on 2.5 hectares of farmland off Hewitts Avenue almost opposite the Tesco superstore in Cleethorpes?

Quizzed this week about the 86-home project, where works ceased just before Christmas last year,  North East Lincolnshire Council  cabinet member Stewart Swinburn said he had been advised by planning officers that there was currently "a lot interest" from other housebuilders.

However, it may be a while before spades will once again be in the ground because it is a lengthy and complex process for receivers  to sift through the bankruptcy wreckage of  YPG - the property company that instigated the project which was due to be named Strawberry Fields after a famous song by The Beatles.

Tycoon Ming Yeung was able to proceed after securing an £18.3-million loan from  a London-based finance firm, Hilltop Credit Partners, which now must be rueing its involvement.

Announcing the loan in October four years ago, HCP said: 

"Demand for new-build, quality stock is high, and the development has a waiting list of buyers created from the completion of a nearby pre-sold 160-unit scheme by the same developer.

"The  developer has more than  20 years’ experience and has delivered several successful schemes across Northern England. 

"The in-house construction team brings a wealth of local experience including the 160-unit Clee Meadows regeneration project."

Hilltop's founder and chief executive Paul Oberschneider said at the time:  "This is a large development in a region with decent affordability. 

"The project team has impressive experience in and around the location, including high-volume sales. 

"This development should perform well and follow the success of YPG’s nearby Clee Meadows scheme."

Meanwhile, Mr Yeung commented: "We have been working towards this project with Hilltop for some time.

"They have demonstrated a thorough, methodical and patient understanding of the complexities encountered during the planning period, so it’s pleasing to be able to progress with them."

Those familiar with the troubled schemewill recall that councillors had initially refused to grant planning consent, but their decision was subsequently overturned by an independent planning inspector.

Not only that but he ordered NELC to pay all the costs of the hearing. The sum is thought to have been  substantial though the the aount has never been disclosed.

In theory, it will be good for work on the half-built estate  to be completed, though the downside is that it will inevitably bring further traffic congestion to the adjacent roads network.