Watling concludes sale of part-built Bolton student development
Watling Real Estate has supported liquidators at BDO and Moore Kingston Smith in the successful sale of a major site in Bolton town centre.
Chris Walker and Andrew Foster of Watling Real Estate were appointed as Fixed Charge Receivers over a prominent 140-bed, part-completed student accommodation block on Great Moor Street.
Chris Walker said: “The development originally stalled in the summer of 2018 following the lender going into administration and the developer going into liquidation. The block suffered significant damage before receivers were appointed and has remained mothballed ever since.”
Watling generated much interest in the property, but receivers were not able to complete a sale owing to a catalogue of legal complexities .
Following a collaborative court process involving liquidators at Moore Kingston Smith and the receivers, the development has now finally been sold to Blackburn-based EP Properties for an undisclosed sum.
Mr Walker said: “This was a complex sale involving a disparate group of investors to an insolvent peer-to-peer lending platform which brought its own unique challenges, but with support from the restructuring team at solicitors Stevens & Bolton, a successful court application enabled a sale to be successfully completed.
“The buyer’s intentions are yet to be confirmed but may involve a build-out of the original proposals or a variation of them. This is an exciting opportunity for EP Properties, and we wish the team well in bringing this prominent site back into use and contributing to the success and regeneration of Bolton town centre.
“This has been a very good outcome considering the complexities and is part of a great start to the New Year at Watling Real Estate. We have a number of further sales completions in the coming weeks in what has been a very busy start to 2024.”
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For further information, please contact:
Chris Walker, Director, Watling Real Estate, 125 Deansgate, Manchester, M3 4BG
Email – email@example.com
Issued by Andy Skinner at ASAP PR – 07990 978257
Watling Real Estate was created on 1 June 2023 by a management buyout of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol, providing national coverage with the benefit of local and regional expertise. It has a team of 20+ professionals offering a multi-disciplinary real estate advisory business and will immediately become one of the UK’s largest real estate restructuring consultancies.
The team, originally part of the GVA business and more recently Avison Young post-merger in 2019, is one of the most highly regarded and experienced real estate advisors operating within the restructuring and recovery marketplace. Over the past decade, the team has advised or transacted on real estate with a total value of over £11 billion, having worked on some of the most significant real estate restructuring projects in the UK.
Watling Real Estate is backed by Bassi Capital, a private family office with extensive core investments in the real estate sector including publicly listed companies, private limited companies, and joint partnerships. https://bassicapital.com/