Thu, 07 Oct 2010 | ADMINISTRATION
Property developer North Park (Bradford) Limited is the latest to buckle under the strain of the slowdown in the property market and enter administration, while owing its bank £8 million.
The business is now being controlled by joint administrators Adrian Berry and Daniel Butters at Deloitte in Leeds, and is continuing to trade as normal.
North Park managed to turn a derelict Bradford city centre warehouse into a residential property comprising 106 apartments, and was completed in November 2009. To recover cash for the creditors, the administrators plan to rent and sell the apartments. Its main creditor, Yorkshire Bank, provided the funding for the development project.
North Park (Bradford) Limited was created as a consortium to carry out the first phase of the Woolston Warehouse project, according to reports.
Future plans for the project included building a luxury business class hotel. Simon Mantle, case manager at Deloitte said of the hotel: “There’s a strong possibility of the hotel going ahead. We are in negotiations with an interested party.”
A related company North Park (Bradford) 2 Limited, which has no assets, also entered administration at the same time.
A new company North Park (Woolston Hotel) Limited has been created.
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