Prime Noble Properties Limited (09591337): administration
- Status
- Administration ended
- Administration began
- 2020-03-13
- Administrators
- Paul Stanley, Patrick Alexander Lannagan
- Administrators' firm
- Mazars
- Incorporated
- 2015-05-14
- Location
- Manchester
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Company was incorporated on 14 May 2015 for the purpose of undertaking residential developments. Mr. Percy Fitzroy Lawson Johnston (‘the Director’) was the sole director and shareholder. The Administrators provide in the following paragraphs in Section 3 their understanding of the events which preceded the Administrators’ appointment following their discussion with the Director.
On 2 June 2015, the Company acquired a 250 year lease of property at 9 Ford Lane, Salford M6 6 PE with title number MAN249647 (‘the Property’) from the freeholder, FSL Properties Ford Lane Limited (*FSL’). The price reported to have been paid was £400,000. On the same day, the Company granted a legal charge over the Property in favour of Prime Noble Charges Limited (company registered number 09593521, ‘Charges’) as part of a proposal by Charges to finance the construction subject to the Company achieving a minimum number of sales.
The leasehold property had the benefit of planning permission from the local authority for the development of 119 apartments (Ref: 06/53710/FUL) and at acquisition there were a number of derelict and disused industrial buildings sited on the Property. The Director successfully revised the planning to what we understand was a more efficient building design (Ref: 16/69276/FUL) and work began on clearing the Property of all existing buildings.
Administrators' statement of proposals (2019-05-01) · Companies House register