Work set to begin on cinema site as financiers look for new developer

Last year, Elysian Residences, who were planning to build an £80million ‘later living’ complex ‘The Belvedere’ on the land at the top of Mount Pleasant Road, pulled out, dashing 20 years of hope that the derelict site would finally be developed.

The retirement home operator pulled out of the project in October, blaming uncertainty caused by the pandemic for the decision.

Now the financiers behind the Belvedere, Prime Finance, say they are hopeful the existing planning consent can still be implemented and are seeking a new partner.

But the Times understands the existing planning permission is set to expire unless work begins on the site very soon, so from today [Tuesday, January 12] Prime Finance has called in the diggers to begin work on the foundations while they seek a new developer for the project.

A spokesperson for group, told the Times:  “We have had lots of interest in the cinema site and we are continuing to consider how best to bring the development forward.

“In the meantime, we will be implementing the planning consent granted and hope to provide a further update soon.”

It is understood if a new developer does take on the project, it may not necessarily be from the later living sector, which could see the site turned into a luxury apartment complex.

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