£30million Pool Falls Foul Of The Crunch

A HUGE complex - including homes, an ice rink, swimming pool and gym - has been put on the backburner because of the nation's dire financial situation.

Now it is feared that the development, costing an estimated £30million, may not be ready by the time of the 2012 London Olympics.

The complex, with around 470 homes, an ice rink, swimming pool and gym, is planned to replace the current Romford Ice Rink in Rom Valley Way, and would be built on the same site.

But the proposals have been shelved because falling land values will mean less cash being available to developers.

The decision to tighten belts was made following crunch talks throughout the summer in which concerns over the current economic downturn were discussed.

It was intended that £30million made from the sale of the newly-constructed homes on the site would pay for the sporting facilities in Rom Valley Way, expected to be completed by 2010.

A forecasted shortfall in funding saw the council's development partner, Orion, request the Town Hall contribute some £10million to plug the envisaged financial chasm - an option dismissed by Havering Council.

Councillor Eric Munday, Havering's Lead Member for the Romford Leisure Complex, said: "Because of the credit crunch the administration has taken the decision to put the Romford leisure development on hold.

"This is because property prices are going through the floor. Therefore, we have to re-trench."

The project, although suspended, will continue behind the scenes to an extent.

Terms and conditions will be thrashed out over the potential site with neighbouring Queen's Hospital and the existing Romford Ice Rink, which looks set to have more of a future following the news.

Article originally featured on www.romfordrecorder.co.uk