Fri, 08 Jun 2018 | ADMINISTRATION
A residential building development in the heart of Birmingham has been put on hold as it seeks a new buyer, following the collapse of the two companies working on the scheme.
The 170-unit housing development with a roof garden and underground parking, known as St Anne’s Court built on the corner of Lombard Street and Bradford Street, is projected to have a gross development value exceeding £30 million upon completion.
The residential development has mothballed due to its contractor, Developments One (Birmingham) Ltd, entering administration as a result of its main developer going into insolvency. Despite construction commencing upon the appointment of a second contractor, it could not prevent Development One from violating its financial agreements.
Simon and Daniel Plant from The SFP Group have been appointed by the secured creditors UE Finco Ltd on 21 May 2018.
SFP has since advised that the construction of the residential units be put on hold until a new buyer and administrator has been secured. The group has also instructed the structural engineers, insurers and independent property advisers to assess the work completed thus far, and to review the completion date and strategies for the future.
Plant commented: "While we are completing our review, we are actively looking to secure the future of this scheme by inviting registrations of interest from parties looking to acquire the site.
"We are also reviewing the trading history of the business to better understand how the failure of the initial contractor to complete the works led to our client calling in administrators."
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