Aldgate East

Right at the start of 2009 I blogged about the Aldgate East Station site. In October 2008 it looked like this:

If you go down there today, it's going to look exactly the same. This was one of the first major developments to halt as a result of the credit crunch. The collapse of Landisbanki in this instance. I pass it quite regularly and have come to think that, if any building could be seen as a barometer of the current situation, it was this one. When this re-starts, so will the recovery. And that's how I was going to end this blog, until I noticed a small article, tucked in the bottom right hand corner of the In Brief column in the Estates Gazette (p18) this week. Here is that article, merry Christmas and happy new year:

Aldgate East project steams ahead once more

An £118m residential-led development above Aldgate East station, E1, that stalled following the collapse of Heritable Bank, is to re-start after developer Julius Properties settled its debt to the bank. Formation Group with JV Finance bought Julius out of the scheme and will seek to raise around £55m to build it.