The company behind a luxury apartment development in Manchester has entered administration.
Rick Harrison and Howard Smith from Interpath Advisory have been appointed joint administrators to De Trafford No1 Castlefield Limited.
The company is a special purpose vehicle (SPV) within the DeTrafford group which had been formed to construct the No1 Castlefield development, a 420-unit luxury residential development located on Ellesmere Street, Castlefield on land that it owns.
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However, work on the scheme never started "despite significant levels of interest in the development", Interpath Advisory said. There has also been a winding up petition filed. Plans for the development were first outlined in 2016.
Rick Harrison, managing director at Interpath Advisory and joint administrator, said: "Our immediate focus will be to assess the options available for the site alongside our agents, bringing it to market in due course. Interested parties are advised to contact us at the earliest opportunity."
The firm is the latest DeTrafford company to enter administration after those behind Gallery Gardens, St George’s Gardens, City Gardens, Wavelength and Sky Gardens.
The company behind St George’s Gardens, an 11-storey apartment building that includes 138 flats and was completed in 2020, owed almost £50m when it entered administration.
In October 2022, investors in the £99m Wavelength project to build more than 400 apartments in Salford Quays were warned they might not receive their full deposits back after the company behind the scheme entered administration.
In April this year, BusinessLive reported how almost £40m was owed by DeTrafford Sky Gardens, the property company behind an apartment block near Manchester city centre when it entered administration.
It was also reported last month that more than £40m was owed to creditors when two of the companies behind the planned £94m DeTrafford's Gallery Gardens scheme in Castlefield collapsed into administration.
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