The redevelopment scheme includes a flagship store, shops and housing
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Plans for the multi-million pound redevelopment of a Devon town centre have fallen victim to the recession. North Devon Council said its decision was based on falling house prices and lower commercial rents in Barnstaple. These factors mean the Queen Street and Bear Street project is no longer considered economically viable. "Our aim is still to see a flagship redevelopment on the site but now is not the right time," council leader Des Brailey said. "There simply isn't the money out there to fund it." Mr Brailey said strong interest remained in developing the site and the council was confident the project, which includes a department store, shops and residential units, could go ahead when the recession is over.
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