London South West SW Limited (12122886): administration
- Status
- Administration ended
- Administration began
- 2023-01-13
- Administrators
- Jacob Beake, Paul David Allen
- Administrators' firm
- FRP Advisory
- Incorporated
- 2019-07-25
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Creditor pressure / legal action
- COVID-19
- Property / lease costs
From the administrators' statement
The Company was incorporated on 25 July 2019 as a special purpose vehicle for the development and sale of residential flats at the Property.
The Company purchased the right to develop and sell flats at the residential upper floors of the Property through a building lease entered into with the Freeholder on 5 December 2019. The consideration stated to be payable under the Building Lease was £4,000,000 plus VAT.
The Administrators understand from information made available to them that, pursuant to the Building Lease, the Company arranged for development works to be carried out in which the existing building was demolished and a new development completed, comprising sixteen one-bed residential flats, ten two-bed residential flats and a ground floor commercial unit. Under the terms of the Building Lease, the Company has the right to sell the residential units on the upper floors, while the Freeholder retains the right to let the commercial unit.
Administrators' statement of proposals (2023-03-21) · Companies House register