Once again it would appear the PR and glossy brochures were too good to be true. Investors will have lost money, confidence in these buyer-led or buyer-funded redevelopment schemes will be reduced and we may never know what really went wrong and why.

I have no doubt that other redevelopment schemes in Liverpool and Manchester will be successful. At the same time I am sure this recent high profile failure will encourage investors in future such schemes to be far more cautious and to carry out more due diligence before putting pen to paper and hitting the 'transfer funds' button.