Administration of residential & non-residential units

Quantuma handle a residential property Administration in Central London.

Overview:

  • Property initially had planning permission for 14 residential units, a ground floor restaurant and two floors of office space
  • Administrators appointed in May 2011 by the Bank
  • Asset is mixed-use freehold property in a prestigious Central London location
  • The residential properties were part furnished at appointment due to the Company’s insolvency midway through development
  • Indebtedness – £13.7m

Outcomes:

  • We have worked closely with the Bank to investigate options for the space and ensure maximum realisations from disposals
  • We oversaw the completion and sale of the residential units
  • A total of £14.1 million was achieved, with the Bank’s debt being fully repaid
  • We completed negotiations with local planners to convert non-residential space into one large restaurant. This will generate considerably greater proceeds on the sale of the freehold than if the original configuration remained in place
  • 90%+ return to creditors

 

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