City Lofts has been forced to put around 250 of its unsold apartments into administration.
Bank of Scotland Corporate has appointed Jon Gershinson of Allsop as a receiver on the developer’s unsold properties in six regional cities. They are within the 203-unit Salford Quays in Manchester, 105-unit Springfield Mill in Nottingham, 198-unit Roberts Wharf in Leeds, 162-unit Prince’s Dock in Liverpool and the 167-unit Admiral House in Cardiff, as well as a development site for 295 apartments and 66,500 sq ft of offices at Brassington Avenue in Sutton Coldfield.
Gershinson said he would be working up a strategy for the unsold apartments and freeholds in the next few weeks.
City Lofts said the move was part of restructuring brought about in the light of “extremely difficult market conditions”.
