Thu, 23 Dec 2010 | ADMINISTRATION
A Gateshead-based real estate firm has fallen into administration as a result of the credit crunch's effect on the property sector.
Dreamport Properties Ltd owns over 100 residential properties across the North East, the majority of which are situated in Sunderland, Newcastle, North Shields, Billingham and Ferryhill.
The Newcastle office of Grant Thornton LLP has been appointed administrator and is currently looking to sell off the bulk of the company's portfolio of properties. As most of the properties are tenanted out, the administrator hopes that the sale will 'secure the future for tenants of Dreamport Properties.'
Grant Thornton LLP's Joe McLean, joint administrator, said, “We are looking at the entire portfolio.
“We will be looking to do all we can to protect the interests of the tenants and the creditors.
The objective of the administration is to repay the monies owed to the secured creditors, and that can only be achieved by a sale of the properties.
"We need to carry out a detailed assessment of all of the assets and we will have a greater idea of what they are in the New Year,” he added.
McLean added that the vast majority of Dreamport's assets were traditional terraced properties and that its income was mainly from housing benefits paid by local authorities on behalf of tenants.
Dreamport is rumoured to have 'borrowed heavily' over the last year – with total borrowings more than £5 million. No value has yet been placed on the property portfolio.
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