Colliers has launched a high court claim to recover more than £300,000 in unpaid fees over the redevelopment of Bath’s Southgate mall.
Colliers International Property Consultants, which acquired Colliers International UK in 2012 after it entered administration, claims that Multi Development UK has only paid 70% of the fee due for its advice on the £300m redevelopment of Southgate.
Colliers CRE UK, as it was then known, was instructed in 2005 for the redevelopment dubbed Project Albion.
The agent initially claimed fees of almost £1.5m, representing 0.5 % of the net development value.
However, the claim says that the original agreement was varied in November 2006 to entitle Colliers CRE to a total fee of £885,000 plus VAT, to be paid in two tranches of 70% immediately and the balance of 30% at the end of the project, the final phase of which completed earlier this year.
The high court claim alleges that Colliers is still owed a balance of £265,000 plus £53,100 in VAT as well as mounting interest.
Multi Development is defending the action.
In May, a deal collapsed for Multi and Queensberry Real Estate to sell a 50% stake in Southgate to the Universities Superannuation Scheme for just under £115m.
