AN INVERCLYDE housebuilding company has collapsed into administration without starting work on more than 20 planned homes.
Marturano Homes Houston Limited has fallen into the hands of administrators after it fell behind on financial obligations, according to The Herald.
The firm was supposed to build 22 new homes in Greenock, but the land earmarked for the development has now been sold, according to a report by the administrators.
Michelle Elliot and Angus Carmichael, of FRP Advisory, were appointed joint administrators, with Graham + Sibbald entrusted with the sale of the land.
The land, located in Houston Street, had been given the greenlight to be developed into 22 homes along with a car park.
However, construction of the homes never commenced, with Marturano Homes Houston owing around £285,000 in outstanding debt.
The administrators said: “The company’s sole asset is undeveloped land located in a mixed residential and commercial area of Greenock and comprises a proposed residential development site with planning permission in place for 22 flatted dwellings and associated car parking.
“Graham + Sibbald marketed the land for sale with the additional benefit of planning permission extension.”
Administrators said they have held discussions with “various interested parties” for the site after rejecting one offer that was “significantly under valuation” following a closing date in December.
“At closing, a cash offer was received, supported by proof of funds with completion proposed within six weeks,” they said.
Marturano Homes Houston was founded in 2022, with administrators outlining it “specialised” in developing properties.
They said: “In December 2022, the company secured land comprising 0.35 acres located at Houston Street, Greenock, with planning permission previously approved to construct 22 dwelling flats for onward sale.
“We understand no work has commenced following the acquisition of the land in December 2022.
“Crowd Property Limited holds a standard security over the land in Greenock with their total outstanding debt amounting to be in the region of £285,000.”
FRP added: “The administrators were approached by Crowd due to the company being in breach of their lending agreement by being in default of its loan payment terms by several months.”
Administration has been extended to summer 2027.
