Aberfind Limited (07799561): administration
- Status
- Administration ended
- Administration began
- 2017-04-28
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-10-06
- Location
- Liverpool
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
The site, Known as Gainsborough Park, was acquired by AGL In June 2011 for £800,000 from The Bank of Ireland, which had repossessed the site from another borrower a number of years earlier. Whilst the site had historic planning permission in place for 14 residential units, including conversion of the existing manor house into six townhouse style dwellings, a gatehouse and seven large detached executive style residences, with an overall gross development value of circa £5 million, the site had experienced serious difficulty in the earlier years. A fire had seriously damaged the manor house and the economic downturn of 2007 had affected the saleability of the generally premium units.
Construction work commenced in July 2011 with a targeted completion date for the overall site of 2013, in line with the two year loan note funding term. However, the shortfall in funding meant that during the period of ownership of the site by PSDL, only the completion of the gatehouse and a small amount of works on the manor house were conducted.
Unfortunately, whilst the site was unattended the internal fittings on the gatehouse were stolen, at a total estimated cost of £100,000, adding to the woes of the site
Administrators' statement of proposals (2017-07-05) · Companies House register