Funding for some proposed projects at Dockyard has fallen through, leaving Wedco looking for a new way forward.

Joanna Cranfield, Wedco’s business development manager, said that plans to erect two prefabricated buildings had been placed on hold due to funding issues.

Meanwhile, funding to renovate several historical buildings, including the Bungalow, the Star of India and Moresby House, had similarly fallen through.

“We are looking at other opportunities. We are looking at the possibility of doing it ourselves or finding funding,” she said.

“We realise the importance of it. We realise that area will be the backdrop of America’s Cup, and it will be in every photograph from the event village.

“We are aware of it and we are doing everything we can to find a solution before the America’s Cup.”

Ms Cranfield said Wedco had hoped to erect two prefabricated buildings near the Bungalow, stating that the materials for the building were imported as part of the plan to replace the ageing Victoria Row.

“There were two extra houses that were never erected on the Victoria Park site.

“The plan was to put them up below the Bungalow on the water’s edge,” she said.

The materials had been stored at the South Basin, but were moved to the former Fleet Club site due to America’s Cup preparations.

On the plan to renovate the historical buildings in the area, she said:

“The plans had gone through planning and they have been approved, but at the end of the day the entity that came forward with the proposal has said they don’t have the finances online.”

Despite the setbacks, Ms Cranfield said Wedco still remains optimistic that the work would be done before the America’s Cup.