Belem Developments Limited (08293107): administration
- Status
- Administration ended
- Administration began
- 2020-07-31
- Administrators
- Nicola Clark, Kerry Pearson
- Administrators' firm
- Azets
- Incorporated
- 2012-11-14
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 14 November 2012 and operated as a property developer. It was initially funded by way of loans from its two shareholders Residential Regeneration Limited (66%) and Residential Regeneration (Il) Limited — In Compulsory Liquidation (34%)
The Company's primary asset is a freehold ten story apartment block known as Belem Tower situated off Sefton Park, Liverpool, L17 3DB (“Belem Tower / the Property”). The Company acquired Belem Tower on 7 January 2013 and at that time, the Property had been vacant for more than 10 years and was in a dilapidated condition. The Property was originally constructed in 1959. It comprises ten floors containing a total of 63 residential units.
The Company engaged Caspia Management Limited to undertake extensive renovation works - and in 2016 Floors 1 to 6 were completed and let to tenants under Assured Shorthold Tenancy Agreements. Floor 7 to 10 are partially completed and require final fixings before they can also be let. Eight units were sold between 2016 and 2018.
Administrators' statement of proposals (2020-09-28) · Companies House register