Development Securities has been forced to stop development of its Hammersmith Grove office development nick-named “the Strawberry”.
The developer has struggled to raise sufficient funding and recently reported a £14.4 million loss.
It said it could not continue with the current build due to a “lack of any currently available bank finance”.
When completed, the scheme will sit opposite Hammersmith Tube station and feature 30,000 sq ft of office space.
“Constructive discussions are now taking place in order that the development can proceed without the need for banking finance,” the developer added.
Its chairman David Jenkins said the impact of the recent economic slowdown has been “deeper and speedier” than he expected.
“The difficulties in the financial sector remain and property values are likely to fall further with little prospect of immediate recovery.”Share: