McCabe rescues Modus sites from administration
Yorkshire developer Kevin McCabe's Scarborough Group International has paid £37m to acquire seven Modus developments around the country.
Modus Properties Limited and seven other Modus companies in its portfolio have been sold to the Scarborough Development Group subsidiary in a deal arranged by administrators Ernst & Young. Tom Jack and Simon Allport of Ernst & Young LLP were appointed joint administrators of 14 companies in the Modus Group in June 2009.
Jack said: "This is a significant deal to have completed, particularly given the current challenges in the property market for developers and investors.
"The sale will ensure commercial, retail and leisure schemes will now be completed in a number of key locations, including the North West and Wales."
Ernst & Young was advised by DLA Piper, led by Patrick Duffy, Tom Kelsall and Peter Somekh.
Sites sold
|
Company |
Location |
Development name |
|
Modus Properties Limited |
Rhyl, Wales |
Ocean Plaza |
|
Modus Properties (Stockport) Limited |
Stockport |
None |
|
Modus Deepdale Limited |
Preston |
None |
|
Modus Congleton (No.1) Limited |
Congleton |
The Bridestones |
|
Modus Eastern (Boston) Limited |
Boston |
Merchants Quay |
|
Modus Gregory Limited |
Glossop |
None |
|
Modus Cambrian Limited |
Newport, Wales |
City Spires |
|
Modus (Tower Grand) Limited |
Wigan |
Tower Grand – phase 3 of the Grand Arcade development |
This is good news–both commercial and residential land values have fallen to sensible prices and there are good opportunities to expand int these areas.
By PRW