An Irish saga at Southreef

You’ve heard of planners bringing development to a halt, but a foreign government?
We haven’t had confirmation, but it looks like that’s what happened with Southreef on Canal Street, which may be in the running for the prize of Nottingham’s longest-running development saga.
A £30m mixed-use scheme which occupies a prominent pitch in the city’s prized Waterside zone, it features a mix of apartments, offices and other commercial space.
Or it will do when it’s eventually completed. By any measure, Southreef was an ambitious landmark on an important route into the city centre and it ticks many of property’s most important boxes with ease.
Timing isn’t one of them, though. First unveiled in 2005, it finally got underway in 2007. 2007 was, of course, property’s annus horribilis, the year when a tidal wave of mortgage defaults pulled the rug from underneath any investment in bricks and mortar.
The problem for Southreef lies not in the design or the developers, all of whom have long-established track records round here. It lies with its backers, over-extended Irish banks who eventually had to accept bail-outs from the Irish government…in return for security in the shape of some of the assets they had title to.
These passed into the hands of Ireland’s National Asset Management Agency (based, ironically, in Grand Canal Street in Dublin). Which is why an unfinished landmark in Nottingham has, arguably, been at the beck and call of the Irish government.
Administrators were called in to take over Southreef Properties, the business responsible for trying to finish the development, last week. One assumes that’s because no more money has been forthcoming from Ireland.
It won’t stop the development being completed. Southreef is already earning money from high quality office occupiers like Crytek and tenants inside its apartments.
Southreef will be a great development when it’s eventually finished, as it will be. Just as it may be a while yet before that happens, so it will be sometime before it shakes off its undeserved status as an outpost of the Irish economy.