Lloyd's Register Marine - an integrated technical community in Southampton

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

27 Feb 2009

Final planning permission has been granted to Lloyd's Register to develop, with the University of Southampton, the Boldrewood Campus in Southampton. This completes a vital first stage in realising our vision of creating an integrated knowledge-based maritime community, in partnership with the University, in support of our marine strategy. Confirmation came with the execution of a Section S106 agreement between Lloyd's Register, Southampton City Council and the University of Southampton.
We remain committed to the Boldrewood development, but following a review of the planned programme for construction of the new building, it has been decided to postpone commencement of any new construction work as demolition work on the main building at Boldrewood will not be completed until the third quarter of 2011. We have taken the view that commencing construction following the completion of the majority of the demolition work is the sensible and prudent path to follow.
The rapid and significant deterioration in the UK economy has also created great uncertainty in the financial and property markets, as well as affecting the confidence we would have in choosing a contractor to deliver the construction aspects of the project.
Richard Sadler, CEO, Lloyd's Register commented: 'It is important that we remove as much risk and uncertainty from our plans as possible. Our action to delay the start of construction will facilitate a much clearer view of the attendant risks in what we hope will be a significantly improved economic climate.'
'The important commitment we have made to the University of Southampton to jointly stimulate innovation and develop further direct co-operation will continue in the interim, despite the postponement in developing the Boldrewood site'

Source: Lloyd’s Register