Thu, 14 Oct 2010 | ADMINISTRATION
Property developer New Park (Bradford) Limited has been put into administration with £8 million worth of debts to numerous creditors.
The administration of New Park (Bradford) Limited follows in the footsteps of related company North Park (Bradford) 2 Limited, which has no assets and went into administration last week.
New Park (Bradford) Limited, which is registered to Jubilee Business Park in Wakefield, was originally set up as a consortium to carry out the first phase of the Woolston Warehouse project – consisting of 106 apartments near Bradford CBD.
A race is on to sell or rent the remaining unsold apartments in the Woolston Warehouse as quickly as possible, in order to recover money for creditors, including the original funders Yorkshire Bank. Around 30 per cent of the apartments remain unsold. Adrian Berry and Daniel Butters, joint administrators, are handling the sales.
Simon Mantle, case manager for Deloitte, said, “Although they are in administration, it’s very much business as usual. The properties are up for sale and rent. That’s how we are looking to recover the position for the bank and creditors.”
The second phase of the development, a luxury business hotel, is still due to go ahead once an operator has been signed.
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