City Lofts appoints receiver on Liverpool, Manchester flats

City Lofts has put unsold apartments in Liverpool and Manchester into receivership blaming the collapse in residential sales brought on by the credit crunch.

Bank of Scotland Corporate, which lent on the majority of the developer's schemes, has appointed Allsop as Law of Property Act receiver on units in six cities.

These are:

  • 203 apartments in Salford Quays
  • 162 in Princes Dock, Liverpool
  • 105 at Springfield Mill, Nottingham
  • 198 in Roberts Wharf, Leeds
  • 167 at Admiral House, Cardiff
  • A development site in Birmingham has also been put into receivership.

Bank of Scotland said: "City Lofts has requested its residential portfolio and one of its development assets be placed into LPA receivership.

"This is part of a restructuring process which City Lofts has been pursuing in light of the extremely difficult market conditions which it and many of the other housebuilders and residential developers are currently experiencing in the UK.

"City Lofts hopes the restructuring of its business can be successfully concluded in as short a time as possible."

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