Last updated:
30th December 2024
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Carnival pool flats
See notes
I am looking for information on the carnival pool flats ( which have been underway for several years). I would like to know:
1. Expected cost of build at the start of the project:
£13.7 million (January 2021 appraisal).
2. Expected return / sale price at the start of the project:
£15.1 million.
3. Current cost of build:
£19.1 million (September 2025)
4. Current expected return / sale price:
£17.8 million.
5. Expected completion date and original planned completion date
Original planned completion date: 12th September 2022
Expected completion date: 13th October 2025
At the outset in early 2021, the project was forecast to deliver a surplus. However, since then:
• Two contractors—Mid Group (July 2022) and Osborne (April 2024)—went into administration, resulting in significant delays and additional costs.
• The project has spanned a period of exceptional inflation in construction costs, driven by global supply chain disruption, energy price shocks, and labour shortages.
• UK build costs have increased significantly more than house prices—by 45% compared to 16%—eroding the originally projected surplus.
This situation is not unique to this project or to the Council—it reflects wider market conditions impacting the entire development sector. The Council has acted responsibly to ensure the project is delivered, providing much-needed regeneration and housing despite these external challenges.
