No1 Castlefield was approved in 2017. Credit: via planning documents

Administrators given two more years to sell stalled £75m Manchester scheme

Investors and lenders left out of pocket by DeTrafford’s failed No1 Castlefield scheme might have to wait until May 2026 to get any money back.

Interpath, the administrator for the stalled £75m Manchester residential scheme, has secured court approval to extend the administration period by 24 months.

The administrator has also entered into a period of exclusivity with an unnamed buyer interested in acquiring the site.

The purchaser would be taking control of a plot in Castlefield with planning permission for 420 apartments and townhouses.

However, an appraisal by Colliers has found that the plans approved in 2017 are deemed an “inefficient use of the land”, according to an administrator report.

Colliers has recommended that the scheme be reworked to increase the realisable value of the site and bring the proposals in line with fire safety regulations that have come into force since the original project was approved.

DeTrafford sold 331 apartments within the £75m No1 Castlefield scheme off-plan but failed to deliver a single one.

Interpath has previously stated that DeTrafford’s failure to pay back a £9.8m loan provided by Endless Bridge in 2018 has seen its balance balloon to £37.3m.

Interpath believes there will be sufficient funds available at the end of the administration process to make a distribution to Endless Bridge but that the lender will “suffer a significant shortfall against its indebtedness”.

Meanwhile, individuals who paid deposits on apartments within the failed Manchester development are owed a further £13.4m.

Interpath anticipates there will be sufficient funds to repay “certain” investors. No details have been provided about the amount those investors could expect to receive.

Some buyers are covered under National House Building Council warranties, which can be claimed against in the event that a developer goes bust. However, the NHBC has told administrators no compensation will be paid out until it is confirmed no funds will be paid out to an investor via the administration process.

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By Julia Hatmaker

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