Tilemead Limited (04829585): administration
- Status
- Administration ended
- Administration began
- 2011-09-28
- Administrators' firm
- KPMG
- Incorporated
- 2003-07-11
- Location
- London
- Industry
- 7012
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The Company was set up as a SPV to purchase a large commercial property known as Sugar Quay, Lower Thames Street. London, which is the Company’s only asset The Company 1s wholly owned by Pace Investments Limited, which 1s wholly owned by Jonathan Vincent, the Director of the Company
The Property is a 110,000 sq ft riverside office building occupying a peripheral City of London location approxrmately 400 metres west of the Tower of London Fishmongers own the freehold interest in the site and granted a lease of 125 years on 25 March 1973 In 2003, the Company purchased the long leasehold interest in the Property with 95 years remaining The Bank provided the Company with a seven year facility to purchase the Property The Property ts entirely sub-let to T&L on an FRI lease expiring on 31 March 2012 The quarterly rental income due from T&L ts £850,000 and the ground rent payment to Fishmongers 1s £205,375
In November 2010, the term foan expired and was not refinanced by the Bank The facility remained in repayment default whilst the Company attempted to sell the Property, and had a balance outstanding of £33 8 million at the date of administration
Administrators' statement of proposals (2011-11-24) · Companies House register