Half built Royal Crescent flats signify impact of the recession on Southampton

A half-built, rotting apartment block sitting derelict in the heart of one of the city’s most prestigious addresses. When construction started this time last year, it was hoped the lure of living close to the waterfront would make the trendy 88 flats hot property.

Twelve months on and the development, in Royal Crescent Road opposite the main entrance to Ocean Village, is the city’s worst eyesore.

Crescent Apartments was due to be completed next month and when builders downed tools last September, the company behind the scheme promised they would not walk away.

The Daily Echo can today reveal developer RC Southampton Limited has gone into administration.

London-based firm Vantis has been tasked with finding a new developer to finish the project. It is hoped the site can be sold for about £15m and work on the original build completed.

However, there remains a distinct possibility the development could be razed to the ground and started from scratch.

Local businesses burdened with the unsightly building site for the past six months hope a buyer can be found quickly.

Solent Sky Museum is located directly behind the building site and curator Alan Jones has likened the scene to war-torn Beirut.

Solent Sky itself is awaiting redevelopment, and the collapse of Crescent Apartments could open the door for the new museum to switch to the neighbouring site.

Councillor Royston Smith, Cabinet member for economic development, said Southampton City Council was powerless to force building to resume.

“We do not have any power to make this happen because we do not own the land. However, it is an obvious candidate for workers to get back on site quickly seeing as how it is half-built. We have asked the question and we were told that the most likely outcome is that the site will be sold to another developer and finished off.”

The landmark tower is one of three major projects in Ocean Village to be hit by the recession.

Wilson Bowden last July pulled the plug on building at Admiral’s Quay and put the site up for sale, while MDL Marina’s plans for a four-star hotel on the water’s edge have also stalled.

Orchard Homes defied the economic downturn earlier this year when it unveiled plans for a £30m hotel and apartment tower on the former Cedar Press site between Royal Crescent Road and Saltmarsh Road.