Gleeson pulls out of Oldham apartments scheme

Gleeson Homes has abandoned a 192-apartment eco-development in Oldham town centre, blaming the housing market downturn.

The scheme, a partnership with the local authority had been unveiled in January 2005, and comprised upmarket apartments, houses with rooftop lawns, wind turbines, solar panels, and a 10-storey tower.

But Gleeson, which yestreday announced £9.6m of asset write-downs as part of an £11m hit, said it needs to conserve capital and that the project is too resource intensive, according to the Manchester Evening News

Lee Sale, managing director of Gleeson Homes Northern, said: "It is not a decision we have taken lightly, and a lot of investment has already been put into the project.

"We are very concerned that we are no longer in a position to provide Oldham with the service they expect and consequently have had to withdraw."