Briggsy’s Property Blog: Realistic vision needed for Visions of China
IN these times of austerity, eyebrows are raised and interest is generated whenever a party sticks its head above the parapet to announce a new property scheme.
So when TheBusinesDesk.com featured the latest on plans for a multi-million pound Chinese theme park in South Yorkshire, the story roused plenty of debate, both inside our office and from readers.
The team behind the £110m Visions of China scheme aims to build a major tourist attraction on the Pithouse West colliery site, which is located adjacent to the Rother Valley Country Park.
According to the PR, visitors to Visions of China would experience a Chinatown-themed street, a traditional tea house, restaurants and Oriental spa, set in 15 acres of gardens and lakes.
Peter Moore, a former managing director of Center Parcs, is leading the consortium behind the scheme, which if it gets through planning, would take two years to build and create around 400 jobs.
The land for the scheme, which has been selected by Rotherham Council as the preferred option for the site, was the proposed location of the failed Yes! leisure development.
And herein lies the potential problem with Visions of China.
The Yes! project, which would have created the largest undercover leisure-based scheme in Europe, was projected at costing £350m.
TheBusinessDesk.com reported on its progress, or lack of, up until it was axed with its proposed developer making grand statements about its ambition.
However, the gut feeling was that it was never going to happen because of various factors including the economic environment, funding and the need to a scheme of its kind.
All these factors are also attributable to Visions of China, with funding being a major one. A proposal has been made to the Regional Growth Fund for a slug of cash to finance the scheme but it would only make up a twentieth of the total needed.
At a time when bank finance and borrowing debt is problematic, the consortium will need deep pockets.
I hope I’m proved wrong as a major scheme like this could boost Yorkshire’s international credentials but only time will tell. And let’s hope time doesn’t run and run and run with this one.
