Tue, 09 Aug 2011 | ADMINISTRATION
The site on which an £11 million commercial development was to be built has been put up for sale.
The 10.5 acre site, located at Rosehill in Carlisle, has come onto the market following the administration of owner Redwood Investments.
Manchester-based Redwood fell into administration last year after acquiring the commercial site from H&H Group for £2 million in 2008.
The site was intended to be home to a new office and leisure development, but this has now been put on hold and the sale ordered by the receivers Ernst & Young.
Commercial property agent GVA Grimley’s Newcastle office is handling the sale. Tom Aylott from GVA told The News and Star, “We’ve only just started marketing it this week. We are marketing without a guide price and invite all written offers for the freehold interest. Obviously, the value will be determined by what is viable to be built there.
“That is what the marketing process is designed to draw out. We will wait and see,” he added.
Currently, the site is home to H&H Motor Auctions on a long-lease basis. There are rumours that the group may be interested in acquiring the site once more. Its chief executive Brian Richardson told the newspaper, “We are always interested in acquiring quality assets, and this is one.”
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