Riley Holdings, the developer behind Nottingham’s £50m River Crescent residential scheme, has been placed into administration.
Zolfo Cooper, which has been appointed as administrator, said the firm, founded by Kevin Riley in 2002, ran into financial difficulties as a result of the downturn.
River Crescent, which contains 128 flats on the River Trent’s waterfront, includes Nottingham’s first £1m penthouse.
BNP Paribas Real Estate is advising Zolfo Cooper on the potential sale of the site.
Ryan Grant, joint administrator with Zolfo Cooper, said: “Our immediate priority is to stabilise the position and to ensure the ongoing needs of current owners and residents are properly addressed. We will therefore be in regular communication with all residents, and have instructed Allsop Residential Investment Management to manage the River Crescent development on a day-to-day basis.”
daniel.cunningham@estatesgazette.com
