Wed, 20 Oct 2010 | ADMINISTRATION
The Royal Bank of Scotland (RBS) has placed a 52-storey skyscraper project on Blackfriars Road into administration.
The major mixed-use scheme, called 'One Blackfriars Road,' was tipped to be worth as much as £1 billion on completion. It had secured planning permission for 64 luxury apartments as well as a 261-bedroom Jumeirah hotel.
The £500 million commercial project was backed by The Beetham Organisation, a Liverpool-based developer and Mirax, the property company founded by Russian property tycoon Sergei Polonsky.
RBS has now appointed administrators to the project 'following the breakdown of the relationship between RBS and Beetham’s Russian partners,' says The Beetham Organisation.
Beetham added that it hoped to be able to lever the project out of administration with the help of new investors, but did acknowledge that the site could be sold. The company said that they would be expecting bids of around £150 million from potential buyers if the site was to come onto the market.
BDO Stoy Hayward has been appointed administrator. Knight Frank has been instructed to act on behalf of Beetham and Mirax, while CB Richard Ellis is acting for RBS, who supplied the original loan, although it has since been shared with other banks.
The company designs and delivers electronic portfolios for organisations that capture and assess evidence for personal, professional, and organisation recognition, internationally. The company creates leading digital solutions that mirror and enhance...
A distributor of oils and ancillary cleaning products to a wide client base, and is not dependent on any one client or market sector. These Items are an essential component to ensure smooth operation of equipment and reduce wear & tear and reduce ope...
The company is an equestrian business comprising a popular retail store, accredited livery and riding facilities and a competitive events operation, operating from an attractive rural location in the East Midlands.
LEASEHOLD
|
27
|
|
Nov
|
Debt collectors BPO take out loan to buy rival | BUSINESS SALE
Ayrshire-based debt recovery firm BPO Collections has receiv...
|
27
|
|
Nov
|
Brighton i360 looking for new owners | ADMINISTRATION
The company behind Brighton’s i360 viewing pod has fil...
|
27
|
|
Nov
|
Rollstore moves to employee ownership | BUSINESS SALE
Derbyshire-based materials handling equipment company Rollst...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.