Alicydon, which had obtained planning permission to redevelop the Custom House on Dundee’s waterfront, has appointed provisional liquidators.
The Dundee-based property developer bought the building in January 2020 and subsequently submitted plans to restore the Grade A-listed early Victorian structure.
Located on Dock Street, the building dates back to the 1840s and was originally the base of Dundee Port Authority. Having previously been used as a television studio and an office building, Custom House has been empty since 2008.
Last year, Alicydon obtained planning permission to convert the building into 20 luxury apartments and to construct two new buildings, providing a further 29 apartments, as well as private parking and landscaped grounds.
After securing planning permission and commencing the initial stages of the development, cost overruns meant that the company had no option but to cease trading.
Alicydon did not employ any staff, as all work was subcontracted.
Provisional liquidator Ken Pattullo, partner at Begbies Traynor, commented: “With its central location next to City Quay and close to V&A Dundee and HMS Unicorn, the restoration of Custom House is at the heart of the city’s regeneration plan.
“We are currently in the process of assessing the site before marketing the development and are confident that a new owner will quickly be found for one of Dundee’s most iconic landmark buildings.”
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