Final phase of a new junction in Tiverton on hold
Rising costs are to blame for the halt on A361 project
The final phase of a new junction on the A361 North Devon Link Road in Tiverton has been put on hold because projected costs have soared.
Southern side slip roads were completed four years ago as part of the Tiverton Eastern Urban Extension for hundreds of new homes. A new road is currently being built to link the junction with Blundell’s Road.
However, Mid Devon councillors have now paused the final stage which involves adding a bridge across the link road along with northern slip roads and landscaping. Without it, a further area for new housing – ‘area B’ – cannot be built.
The council was already short of the previous £10.1 million estimated cost, having only secured £8.2 million of funding.
But a meeting of Mid Devon’s ruling cabinet on Tuesday 12 July heard how an updated estimate would now “significantly exceed” the earlier estimate.
The increase, which they haven’t revealed, has been blamed on significant rises in construction costs, volatile prices of materials and the need for a greater contingency.
The council will now have to find more money to finance phase two, as well as identify if any savings can be made.
But it ruled out – at least for the time being – borrowing to cover the shortfall. A report said: “The scale of the funding gap means that the borrowing would be significant and, in the current financial and economic context, would add significant further financial pressures to the council.”
A further report will be brought back to cabinet as soon as possible outlining potential next steps.