Receivers have been appointed for the sale of the site of Landseer House in St John’s Wood, NW8.
The site has plans for 129 flats, 81 of which would be full market value, overlooking Lord’s Cricket Ground. It had been marketed through JLL, at one point for prices in the region of £100m. However, prices have since cooled in the prime central London development market.
The scheme is owned by Matterhorn Capital St. John’s Wood Ltd, as group parent, which is not in administration. The ultimate shareholders of this company are Marcus Cooper, Anthony Lyons and Simon Conway, of the Matterhorn Capital Group.
The loan was held by Irish state bank NAMA.
David Oprey and Richard Toone from insolvency and restructuring firm CVR Global have been appointed joint-administrators and fixed charged receiver of 36 St John’s Wood Road Ltd and also 36-44 Lodge Road Ltd.
Oprey said: “Over the past two to three years attempts have been made to move forward with developing the site and have reached various stages, only to fall at the final hurdle.
“Our appointments have come as a result of the asset managers deciding to take a new approach to bringing the development forward.
“The site is very well known and in a prestigious location and as such has great potential. We are in discussions with existing agents about our sales strategy moving forward and we are expecting strong interest in the development.”
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