5 July 2014
City Lofts, the developer of trendy city centre apartments, has gone into administration days after it was forced to put 250 of its unsold units, plus an unstarted development site, in the hands of a receiver. It has blamed "extremely difficult market conditions" and had been trying without success to restructure its business.
Bank of Scotland Corporate, part of HBOS, which is City Lofts' biggest lender and has lent on most of its schemes, has appointed Jon Gershinson of Allsop as rec
The unsold properties include apartments at a scheme at Salford in Greater Manchester (203 units), the Springfield Mill complex in Nottingham (105), Roberts Wharf in Leeds (198), Prince's Dock in Liverpool (162) and Admiral House in Cardiff (167).