£60m Ardmore scheme delayed due to economic slowdown

A £60m mixed-use development in Greenwich which was won by Ardmore has been delayed indefinitely.

The Paynes & Borthwick Wharves design and build project in Deptford was to include 275 apartments plus retail units.

But developer Lane Castle has decided to delay the scheme because of the economic slowdown.

Director William Avery said the scheme's investors remained committed.

"The development is fully funded. We are currently working closely with our advisers on revisions to the construction timetable," he said.

"It is in everyone's interest that this scheme is completed at the best time in the market."

Ardmore is continuing to manage the site. No date for a start on the construction programme has been announced.