Will West Street scheme rise from Modus ashes?

Is Boston set to get a major new shopping centre after all?
And if so, why aren't we being told?
A number of prominent websites which report development news have been saying that the "Merchants Quay" project has now been saved.
Property Week reported:

"Kevin McCabe’s Scarborough Group has bought Modus Properties and seven other Modus companies for £37m.
"Scarborough Developments has bought the companies, which own assets such as:
"The proposed Ocean Plaza development in Rhyl, Wales, comprising 237 apartments, 175,000 sq ft of mixed use commercial space and a hotel.
"The £80m Merchant’s Quay scheme in Boston, Lincolnshire, due for completion in 2010 (sic)
"The third phase of the Grand Arcade scheme in Wigan, an 18 storey tower to be built next to the centre in Wigan. The tower block will house 15,000 sq ft of retail and leisure units, 30,000 sq ft of offices and 150 apartments.
"Funding has been provided by Investec.
"Ernst &Young’s Tom Jack, joint administrator, said: 'This is a significant deal to have completed, particularly given the current challenges in the property market for developers and investors. The sale will ensure commercial, retail and leisure schemes will now be completed in a number of key locations, including the North West and Wales.”'
"Ernst & Young was appointed administrator of 14 Modus companies when they went into administration in June last year.
"A statement from Scarborough said: 'Scarborough Development Group confirms that, with Investec Private Bank as funding partners, it has acquired a portfolio of eight developments, formerly owned by Modus, for £37 million. The properties are located in: Rhyl, Stockport, Preston, Congleton, Boston, Glossop, Newport and Wigan.
"Further details of plans, by Scarborough and Investec, for these developments will be announced in due course.'

Redevelopment of West Street began life as a twinkle in the eye of the developers Modus - once the preferred bedmate of the town's Mayor, Councillor Peter "Grumpy" Jordan, which planned to transform the run-down West Street into "Merchants Quay" - an area so smart that it wouldn't need an apostrophe.
Part of the company went into administration more than a year ago and with it the plans for the £80 million development comprising 60,000 sq ft department store, a food store, eight "major space units," 17 additional units of various sizes, a new "riverside restaurant quarter," a 700 space "gold standard" car park, more than 100 new "city-style apartments," an hotel and a new "iconic" pedestrian bridge linking to the town centre - all due for completion next year.
In the way that the internet often remains the repository of broken dreams, this particular piece of pie in the sky can still be found on a Google search, with glamorous images of happy Bostonians strolling wide peaceful boulevards without a scrap of litter, an empty bottle or Lithuanian lurcher in sight..
But the sad fact is that Modus put too many of its eggs in one basket - in this case Debenhams - which shortly before the developer went into administration announced its withdrawal from the Merchants Quay project.
Scarborough Group International (SGI) - the new owner of Merchants Quay - is one of the UK’s leading property development, investment and leisure companies.
The company says of itself: "With global links, SGI has a prestigious track record of property investment and development primarily of a commercial nature including offices, business parks, distribution and warehouse units and shopping complexes.
"Significant growth has seen diversification meaning the company’s interests now include:
"A global investment portfolio in excess of £1 billion.
"Close relationships with long standing joint venture partners specialising in global property development and investment.
"A majority interest in championship football club Sheffield United plus worldwide links with sporting clubs in Europe, China and Australasia.
"Provision and management of serviced office space in the UK and the Far East through Forsyth Business Centres."

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