Four Montreaux residential schemes comprising 280 homes are now in administration.
The schemes include 231 Colney Hatch Lane, a 204-home build-to-rent development in Barnet, N11, and two smaller developments in Hertfordshire and Berkshire.
A fourth Montreaux scheme, St Johns Court in Surrey, a former office building with consent to be converted to 18 homes, was placed into administration last year.
Vandermolen Real Estate, which had previously been tasked with selling the Colney Hatch Lane scheme, has now been reappointed by receivers at Knight Frank to offload the project. It is seeking around £12m for the development, some 40% lower than the £20m price tag on it March 2023.
Montreaux’s 37-home scheme on a former Jewson builders yard in St Albans and its 21-home Alexander Gardens scheme in Binfield, Berkshire, are also in administration. The lender on both sites, investment vehicle Zorin Avenue, appointed RSM UK Restructuring Advisory earlier this month.
RSM UK will finish the Alexander Gardens development, which is 90% complete, before putting it up for sale. Montreaux Build & Design had been the principal contractor behind the scheme. However, the company stopped work on the site eight weeks prior to the administration, citing financial distress.
The lender on the St Johns Court scheme, Paragon Development Finance, appointed MHA as administrator in August 2023. The site was marketed in an Allsop auction last September but failed to sell after its reserve was not met.
MHA has now issued a notice of extension for the administration.
