Just one property remains to be sold from the collapsed property empire of Targetfollow Property Investment & Development and Targetfollow Property Holdings.
Three years after the demise of the groups, led by Norwich-based businessman Ardeshir Naghshineh, administrators at Deloitte are now preparing to bring a final asset to market, according to papers filed at Companies House this week.
The administrator will soon hoist a for sale sign above Harford Place in Norwich. The 21-acre site, which includes the former Bally shoe factory, has outline consent for a 450,000 sq ft mixed-used scheme anchored by a 35,000 sq ft Asda. Plans for the supermarket were given the go ahead in December last year.
The scheme has an estimated development value of £120m, but is likely to fetch just £10m-£15m.
Sources said the project was at the centre of the 2010 administration order against TPID and TPG after lender Lloyds Banking Group gave the site a nil value.
The most recent sale from the Targetfollow portfolio was of the 196,000 sq ft Baskerville House in Birmingham, which was sold to Hermes Real Estate for around £40m in January.
According to the latest administrator’s report, almost £430m has so far been raised from the sale of properties within the two holding companies. They include the £120m sale of the iconic Centre Point tower at the top of Oxford Street, WC1, to Almacantar and Frogmore, and the £63m sale of International House on Chiltern Street, WC2, to Gerald Ronson’s Ronson Capital Partners.
Despite overall proceeds from asset sales being higher than anticipated, Lloyds is still likely to face a £400m loss on its total indebtedness of almost £830m.
samantha.mcclary@estatesgazette.com
