Administrators slash 40% off unsold Carlisle penthouses

Administrators at Grant Thornton have retained Knight Frank and Cumbrian Properties to dispose of the 40 flats in King Street Developments (Carlisle)'s Picture House in Carlisle, urging them to drastically reduce prices to recoup cash as quickly as possible.

Keith Hinds at Grant Thornton Manchester was appointed in April to handle the residential scheme on Botchergate, completed 12 months ago on the site of a former cinema.

So far none of the units have been sold. Prices on the eight penthouses have been cut from £250,000 to £150,000.

Two-bedroom apartments are also being sold at a similarly reduced starting price of £107,950.

Alex Finch, partner and head of sales at Knight Frank Manchester, said: "The reduction in the starting price of these luxury apartments at The Picture House means now is the time to pick up an exceptional property for an exceptional price."

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