HomeNewsSportPromotionsRecruitmentBusinessBargain AdsDirectoryIndependentContact Us
PhotosLettersMediaAds OnlineLeisure GuideFamily NoticesFeaturesReader TravelMemoriesExperts
full story in this week's chronicle

Gateway developer seeks loan

THE developer behind the £70 million Gateway Plaza project has asked for £2.5 million of government money from a fund normally reserved for 'stalled housing developments.'

Matthew Stephens, of Barnsley-based developer Quest Property, says its not stalled but still deserves the same help others have been given.

He said Gateway Plaza shouldn't be penalised just because they've been 'cracking on'. "There are other schemes around the country stalling deliberately to get the money. It's madness. That's not what it's for. It's all about regeneration and on that front Gateway Plaza ticks every single box."

He said if the bid was successful, the money would be treated as a loan and paid back to the government.

Full story in this week's town edition. "There is no chance the scheme will fail. We're 90 per cent through the job. "If we get it, it will help us sell the remaining apartments and go towards promotional incentives and marketing." Half of the HCA funding has to be paid back to the government, but Mr Stephen says Quest is treating it as a loan and would pay it all back, not just the half required. And there could be more financial assistance to come. Council leader Steve Houghton told the Chronicle: "Yorkshire Forward and the council are working with Gateway Plaza to ensure the scheme is completed on time and to make sure we can attract businesses in there." Coun Houghton refused to say how much money was being put in, but the Chronicle understands it is in the region of £3m, spilt equally between the council and Yorkshire Forward. He said he still had absolute confidence in the scheme but it deserved extra support. "It's certainly not a bail out. It's just giving some assistance at a difficult time, because it's so important for Barnsley's redevelopment. "It is not a grant, but a commercial arrangement between us, Yorkshire Forward and Gateway Plaza." The scheme was originally due to be completed in 2008, but the economic crisis delayed it. About 110 of the 188 apartments have been sold.