Hammerson replaces Thornfield to finish The Rock

Hammerson has stepped in for Thornfield Properties as developer of the £350m The Rock shopping scheme in Bury after Halifax Bank of Scotland put subsidiary Thornfield Ventures into administration.

Deloitte has been appointed administrator to the non-trading holding company within the Thornfield Capital Limited group of companies.

The Thornfield Bury company is not in administration itself, or Thornfield Properties, the group's main operating company, which is 50% owned by Bank of Scotland.

However, Deloitte appointed Hammerson to finish the job in Bury; The Rock is due to open in July.

The open air scheme contains 500,000 sq ft of retail which is 80% let by floorspace with new lettings to Frankie & Benny's and Flaming Dragon due to be announced any day. There will also be a cinema, car parking, restaurants and bars. The scheme was designed by BDP and will be managed by DTZ.

Phil Bowers, partner in the reorganisation services practice at Deloitte, said: "We are working closely with all stakeholders to support the completion of Bury and maximise the potential of the other development schemes.

"It has been agreed by all parties that Hammerson, a leading European development and asset management partner has been appointed to deliver the completion and opening of Bury and will also be supporting the joint administrators in evaluating the other schemes in the portfolio."

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Strange one. Why replace Thornfield if Bury’s not affected?

By Snowy