A luxury residential development where pop legend Sir Cliff Richard has bought a £2.5m home has been placed into administration.
Pricewaterhouse Coopers has taken control of the Charters development in Sunningdale, Berkshire, after backer Royal Bank of Scotland called in its loan. Owning companies Castleleigh Holdings and Charters Developments wentinto administration on 1 May.
Charters is the redevelopment of the 1920s former home of the Pilkington glass family, which later became the HQ of diamond company De Beers. It features 34 flats set in 20 acres of landscaped gardens. Half of the flats have already been sold.
PwC said it was appointed after the owners “ran into financial difficulties as a result of the economic downturn, which has affected most sectors of the property market, including luxury apartments”.
Barry Gilbertson, partner in PwC’s distressed property team, said: “Our immediate priority is to go through a period of stabilisation to ensure that the needs of the current owners and residents are properly addressed, and the small amount of remaining work is completed quickly and efficiently.We will then bring the remaining 19 apartments to the market.”
