£6m plan scrapped (From Penarth Times)

£6m plan scrapped

PROPERTY developer Decourcy has pulled the plug on the Penarth seafront cafe quarter scheme.

Stephen Fear, head of the Decourcy Group, said: "We have decided not to go ahead with the cafe quarter plan.

"The units will now be sold off individually in blocks. Two have already been sold. If by September any of the units remain unsold, we will sell them at auction.

"I am bitterly disappointed that we have had to pull out and I feel that Penarth has missed out on a unique opportunity," said mr Fear.

"The building will almost certainly never be under single ownership again.

"I believe that this was a well-thought scheme which had the backing of the vast majority of the people in Penarth and would have heralded an exciting future for the town.

"A tiny minority have conducted a vociferous campaign against us."

Vale planners last month recommended refusal of the scheme which led to Decourcy withdrawing their application.

Mr Fear said: "We spent 12,000 on commissioning reports from structural engineers and surveyors, which concluded that the building is past its useful life and should be demolished.

"Retaining the old structure was simply not an economically viable option."

Decourcy planned to build 21 apartments above a cafe quarter scheme housing five upmarket restaurants.

Mr Fear added: "The provision of car parking was vital to the scheme. The cafe quarter itself would have been a loss leader.

"The revenue from the sale of the apartments would have covered the cost of the cafe quarter. Without car parking we would never have been able to have sold the apartments.

"It's a sad day because a major opportunity has slipped away for Penarth," he said.

"Who else is going to invest 6 million to 8 million here?

"You will end up with a walkway delivering visitors to a derelict seafront.

"I am disappointed with the way the Vale council has approached this," added Mr Fear.

"They should be encouraging me to invest here."

The Decourcy cafe quarter had won the backing of the Penarth Society.