Credit crunch? Bognor's £100m regeneration still on course

The global credit crunch is seemingly claiming building firms by the day as the financial climate becomes worse.

But St Modwen, the company chosen to lead the transformation of the Regis Centre and Hothamton car park sites, is confident it can ride out the recessionary storm.

Development manager Gary Morris told the Observer the Bognor schemes should be safeguarded because they were still at an early stage.

"We are reviewing everything on a month-by-month basis but the Bognor scheme is at least two years away from any work starting because of the planning process we have to go through," he stated.

"By the time that comes round, the economic climate will be completely different to the one now. It's the same with the companies we are talking to. One or two of them have become a bit more cautious.

"But it will be three or four years down the line before any buildings are ready to be occupied and that's what we are looking towards.

"There's no plans for us to go from Bognor. We are very much here for the long haul.

"I like challenges and these times are challenging and this project is challenging.

"Things might have to be looked at in a slightly different way but we are still very much here.

"It's still our intention to put in a planning permission application for some of the work by the end of the year, though that is subject to review."

St Modwen was given until the end of this December by Arun District Council to produce formal planning permission as a condition of the exclusivity contract councillors awarded the company last December.

Initial plans revealed an entertainment centre with stage and screen on the Regis Centre site along with a tenpin bowling alley, restaurants and pubs. A library could also be included.

On top of what would be a seven or eight-storey building would be 168 flats.

For Hothamton, the intention is to create a 30-storey tower block, 25,000sq ft of offices, a food store and possibly a health centre. Both locations would offer more public parking than the present 418 combined spaces.

The fact the Bognor schemes are still at the planning stages '“ the final completion date has always been 2014 '“ has insulated them so far from the fate which has affected further advanced projects by St Modwen.

The one in Hatfield, for example, had got to the stage where existing shops were boarded up ready for demolition, to be replaced by a modern shopping centre '“ only for the retailers lined up to pull out, leaving the empty units still standing.

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