Last updated:
30th December 2024
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Carnival pool flat development
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Please can you provide me with the current position on the carnival pool flat development.
1. What was the expected 2022 cost of development and expected profit.
Expected cost of build at the start of the project: £13.7 million (January 2021 appraisal).
Expected return / sale price at the start of the project: £15.1 million.
2. What is the 2026 expected cost of development and expected loss.
Current cost of build: £19.1 million (September 2025)
Current expected return / sale price: £17.8 million.
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.
3. How many of the flats have been sold as of 1st June 2026
As of 1st June, 10 flats have been sold, with a further 12 reserved.
