Housing association leases apartments in Radcliffe
Impact Housing Association of Bradford has leased six apartments as social housing at a new build development on Ainsworth Road in Radcliffe, Manchester.
The scheme became stalled after the developers went into administration.
However, Stevens Scanlan completed the last remaining building work required at the site and negotiated the letting of the development to Impact following its appointment as Law of Property Act receivers by the lenders.
Alan Murdoch, Stevens Scanlan's senior partner, said: "Lenders like the bank involved in this development in Radcliffe benefit from appointing an LPA receiver. This is because an LPA receiver has a broader range of professional disciplines and experience of dealing with planning, building issues, valuations, NHBC accreditation and compliance matters.
"The alternative is for a lender to sell the partly-completed property to another developer, but this means the lender is liable to recover a smaller proportion of its outstanding loans."
