Now land for business park goes up for sale

Despite lengthy ongoing negotiations a deal between developer Bannertown and landowner the Baker Trust has not been struck.

As a result the land will be advertised for sale from tomorrow (Saturday).

Bannertown had planned to open a 25 million business park, with two huge call centres creating up to 1,500 jobs, by the summer. But this deadline will not be met as both parties have yet to agree terms.

John Husband from Humberts, agents for the Baker Trust, said: 'Negotiations with Bannertown have been ongoing for a considerable period of time and with other developers before that.

'These negotiations have proved to have taken more time than one would have hoped because of the complications surrounding the site.'

The decision to put the land on the open market was a contingency plan in case the proposed sale did not go ahead soon, said Mr Husband.

'This landmark site is now ripe for development and ideally situated close to Newhaven Port. We anticipate keen interest from potential purchasers.'

However, he was still hopeful the Bannertown deal would go ahead.

'We are continuing negotiations with Bannertown and I hope we will be able to announce we have concluded soon with them,' he added.

Tony Beadle, managing director of the Bannertown Group, called the decision to put the land up for sale 'not very constructive'.

He said: 'It seems a meaningless exercise. We are progressing, but we cannot stop the Baker Trust putting it on the market.'

He agreed negotiations had been drawn out and hoped they would be resolved soon.

He warned that if the deal collapsed a new developer would not have the same familiarity with the land and its project could take years to become a reality.

Work to build 95,000 square feet of warehouse units by Bannertown at the former Bevan Funnel site in Railway Road is due to start in the spring.

If the Eastside project goes ahead Bannertown has also agreed to build a new port access road.