A £100m plan to create a new city centre gateway area at Oxford's Frideswide Square has been put on ice, after the firm behind the project went into administration.
The news has come as a blow to Christ Church college, which owns the site and hoped to transform the area with a mix of hotels, shops, restaurants and housing. Developer Castlemore Securities was placed into administration last month and the college admitted last night it was "concerned" about the announcement. However, it has offered fresh hope to campaigners hoping to buy Castle Mill boatyard, in Jericho, which is owned by Castlemore's subsidiary Spring Residential.
The Jericho Living Heritage Trust yesterday confirmed it had opened discussions with administrators PricewaterhouseCoopers (PWC) about the future of the site. However, Christ Church said it had no intention of abandoning its long-term aim of transforming the square, next to Oxford railway station. College treasurer James Lawrie said: "We were concerned to read the news about Castlemore and we now have to wait and see what it means for us. At the moment, we're not entirely clear what the implications are, but Christ Church's strategy remains what it has always been, and that's to work with others towards achieving the best plan for the whole of the West End."
Mr Lawrie said that talks with Oxfordshire County Council were continuing, with the scheme forming a key part of the council's Transform Oxford initiative to pedestrianise much of the city centre. The scheme would include a new road layout in the square, which is regarded as one of the city's worst traffic bottlenecks. PWC was appointed administrator of Castlemore Securities and Spring Residential, along with eight more of its subsidiary companies. Joint administrator Mark Batten said: "It's our intention to continue to trade parts of the business, as we seek a buyer. We're assessing each of the developments over which we're appointed, to achieve the best result for creditors in light of the current trading and market conditions."
Spring's planning application to build 54 flats at the former Castle Mill boatyard sparked one of the biggest protest campaigns seen in Oxford for years. But last October a planning inspector rejected the company's plans. Residents immediately announced an interest in buying the site and began fundraising. Peter Strong, chairman of the heritage trust, said last night: "We're uniquely placed to acquire the site for the community and to take advantage of these extraordinary times."
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