Olympius Developments Limited (10594675): administration
- Status
- Administration ended
- Administration began
- 2023-03-23
- Administrators
- Nedim Patrick Ailyan, Paul Atkinson
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-02-01
- Location
- Orpington
- Industry
- 41100 Development of building projects
Why it went into administration
- COVID-19
From the administrators' statement
The Company is a private limited company registered in England and Wales under company number 10594675. It was incorporated on 1 February 2017 and was formerly part of the High Street Group of companies, a large property development group, various parts of which are now also in Administration.
The Company was set-up as a SPV to acquire and develop an old 26-storey warehouse known as Hadrian’s Tower. The development scheme comprised converting Hadrian‘s Tower into 50 one bed apartments; 112 two bed apartments; a small ground floor mezzanine level café; and a rooftop bar. The Company owns the freehold interest in the property.
Whilst the scheme was completed in and around budget and within the originally forecast timescale, the Company experienced severe financial issues as a result of the Covid-19 pandemic: sales of the residential units fell significantly; with issues in undertaking viewings and consumers seeking properties with gardens in preference to high-rise flats.
Administrators' statement of proposals (2022-05-13) · Companies House register