Southampton Toys R Us developer warns deadline could be missed
- Published
The developer behind plans to build blocks of flats at a former Toys R Us site says a looming June deadline will be "difficult" to meet.
About 600 build-to-rent flats are planned for the former superstore in Southampton.
The land has sat untouched since 2018 apart from being used to store donations for Ukraine in March 2022.
Packaged Living's lease agreement with the city council specifies several conditions must be met by 23 June.
The firm has cited inflation and supply chain issues for the setback.
It has informed councillors of the issues, with cabinet members set to be asked to approve changes to the commercial terms at a meeting on 11 April.
Southampton City Council is the freeholder for the land. Packaged Living acquired the leasehold interest of the site in May 2021.
The local authority entered a development agreement with the build-to-rent firm in December 2023.
The London-based company was set the conditions when a new extended lease was negotiated with the authority.
If no changes are made to the commercial terms, then the development agreement will expire in June.
The proposal for the build-to-rent flats on Western Esplanade, Southampton, also features cafes, shops and an office block.
The site is part of the council's Mayflower Quarter, which involves a long-term redevelopment of land between Central Station and the Waterfront.
All 100 Toys R Us stores closed in the UK in 2018 after the company fell into administration.
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