Thu, 11 Jul 2013 | ADMINISTRATION
The owner of a dilapidated shopping centre in Basildon, Essex, has entered administration, amid fears for the future of the site.
Administrators at BDO are now controlling Laindon Regeneration, the owner of the Laindon shopping centre. The company had encountered trouble when it fell behind with payments to its bank Dunbar Assets after remortgaging the site for another £6 million.
It is hoped that the administration proceedings will enable Basildon Council’s development partner Wrenbridge Land to purchase the site and implement a turnaround, backed by the council, to cost £75 million.
There are concerns, however, that the 1960s-designed site - which is badly in need of a revamp - will be placed on the open market by the administrators, potentially scuppering the plans.
Malcolm Buckley, the Conservative councillor heading the situation, told the Echo: “Before the owner went into administration we had agreed to set aside money to fund a compulsory purchase of the site through a development partner due to the ongoing delays.
"This will now not be necessary, but if it downs go on the open market then clearly it could be bought by any interested developer.”
Laindon Regeneration bought the site for £11.5 million in 2007, which is expected to have dropped in value to about £5-6 million. Previous unfulfilled plans for the centre involved tearing it down, then building new shops, houses and flats in its place.
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