RBS shifts Charters to distressed asset unit

  Royal Bank of Scotland has transferred a multi-million-pound luxury residential development – where pop legend Sir Cliff Richard bought a £2.5m home – to its special unit for distressed assets.   The transfer to West Register comes more than a year after RBS pulled the plug on the Charters development in Sunningdale, Berkshire, and called in its loan on the project.   PricewaterhouseCoopers was appointed administrator to owning companies Castleleigh Holdings and Charters Developments on 1 May 2009.   RBS’s debt on the property exceeds £37m. Specialist bank Investec is owed £3m.   PwC appointed Knight Frank to sell the freehold interest in the Charters development, and the remaining 20 unsold flats, for £27.5m last December.   An administrator’s report said just four parties undertook due diligence on the development, leading to a single offer.   Before its decision to place the project in administration, RBS is understood to have received an offer from Charters developer John Morris that would have wiped out much of its debt.   Charters, site of the 1920s former home of the Pilkington glass factory and then HQ of diamond company De Beers, comprises 34 flats set in 20 acres of landscaped grounds.   samantha.mcclary@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.