Thu, 15 Jul 2021 | COMMERCIAL PROPERTY
Administrators are seeking a buyer for a residential development in the West End of Glasgow after the company behind the project, property developer Titan Homes, fell into administration. The company has appointed Quantuma’s Ian Wright and Scott Milne as joint administrators.
The Fairfields development (an artist's impression is pictured above) would involve 45 two- and three-bedroom apartments set over seven floors, along with a lower ground space featuring parking for up to 51 vehicles. The development is located on Meadow Road in the Partick area.
The site is 0.3 acres, with the construction area spanning slightly over 35,000 square feet. The development was proposed in 2015, with construction only beginning in August 2020.
Titan Homes was founded in 2015 and fell into administration earlier this month after encountering a period of financial difficulties. Quantuma is now actively seeking a developer to take over control of the Fairfields project.
Quantuma Managing Director and joint administrator of Titan Homes Ian Wright commented: “Titan Homes has entered administration following a prolonged period of financial difficulties. There is an opportunity here for a property developer to take on the fully approved Fairfields site in Glasgow.”
The administrators added that interested parties should contact the Glasgow office of chartered surveyor DM Hall.
Read more about how pressures on the UK construction industry could lead to dealmaking opportunities.
One of the best ways to find properties below market price is to look at recent administrations.
View the latest distressed UK businesses here.
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