Residential project on the hunt for a new buyer

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."


Share this article



Latest Businesses for Sale

Fresh Fish & Frozen Seafood Supplier
UK Wide

Supplies fresh fish, frozen seafood and British meat directly to private households and small businesses across England and Wales. All products are hand-picked and prepared to its customers’ specifications on the day of delivery and are then distribu...

Asking Price: Offers Invited
Turnover: £8,100,000

LEASEHOLD


Audion Visual Solutions (Fast Sale)
South West, UK

Offers required by December 18, 2019 - 5:00pm. Established over 10 years, the company has established itself as an expert in the design, build, installation and management of tailor-made solutions for indoor and outdoor events.

Asking Price: Offers Invited
Turnover: £2,000,000

Florist (Fast Sale)
UK Wide

All offers for the business to be received no later than 5pm on Thursday 19 December 2019. All offers to be supported by proof of funds. An opportunity exists to purchase the business and assets of a London based florist. An established Company provi...

Asking Price: Offers Invited
Turnover: £1,204,470


View more businesses for sale

News Search

Latest News

 
12
 
Dec
 

Appello acquires Mevivo Careline | BUSINESS SALE

Living solutions provider Appello has acquired telecare and ...

 
11
 
Dec
 

PiggyBank owner enters administration | ADMINISTRATION

DJS Limited, the parent company of payday lender PiggyBank, ...

 
10
 
Dec
 

MBO at Derby rail sector recruiter | MBO/MBI

There has been a seven-figure management buyout (MBO) at Der...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources