Administrators close to deal for Artisan’s Sheffield site
By Bridging Loan Directory -
Talks with a potential developer for the Fox Hill scheme in Sheffield are at an “advanced stage” following the demise of its previous backer according to BusinessDesk.com.
Administrators for developer Artisan H have entered into a six month exclusivity agreement with the potential buyer.
Artisan H, part of Artisan Holdings, was developing the Park Hill scheme when it went into administration last year.
In their latest report, administrators Mark Firmin and Howard Smith from KPMG say the agreement is designed to allow the interested party to hold discussions with Sheffield City Council and the Homes and Communities Agency.
Only six units had been built with a further 23 underway out of 173 earmarked for the site when work stopped.
The Homes and Communities Agency had invested £2.7m in the scheme while the Bank of Ireland is also owed £4.5m.
In their report, the administrators say there is no prospect of Artisan H continuing as a going concern and their focus has been finding a buyer for the development.
Searches of the land registry suggest Artisan H also held leaseholds on two properties in Manchester when it collapsed which administrators are investigating further.
The report warns it is unlikely funds will be available to pay unsecured creditors.