New documents reveal how dream plans for luxury apartment block in Manchester city centre collapsed
A company behind a planned luxury apartments development in Castlefield owed over £50m as it entered administration.
Background DeTrafford No1 Castlefield Ltd was incorporated in May 2016 to act as a special purchase vehicle through which the acquisition of land in Ellesmere Street, Manchester, could be completed. In its document filed with Companies House, Interpath Advisory said: "With construction not progressing, the company began to face increasing creditor pressure from investors who had reached their contractual long-stop dates.
How much does the company owe? Before entering administration, 331 apartments had been sold generating over £13.4m in investor deposits. Funding of £9.7m was also provided by Endless Bridge in November 2018, which was due to be repaid on or before November 21, 2019. It added that there is likely to be enough money to make a payment to "certain investors" but not to ordinary preferential creditors, secondary preferential creditors or unsecured creditors.
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