Nikal’s Altair unaffected by David McLean collapse

Manchester-based developer Nikal has reaffirmed its commitment to the retail-led Altair scheme in Altrincham following the collapse of joint venture partner David McLean earlier this week.

Nick Payne, managing director of Nikal, said: "We are saddened by the receivership of David McLean. Over the last five years we developed an excellent working relationship with them and some of the directors have become good personal friends.

"Circumstances like this happen in the business world therefore from the outset of the relationship strict and robust provisions are made which underpin and secure the future of the principal company in the event of a company shareholder going into receivership.

"These measures mean that there will be no affect to Altair. Nikal has been the lead developer and will progress the scheme as normal."

Nikal has consent for 200,000 sq ft of fashion retail as well as 60,000 sq ft of offices, 140 flats, 40,000 sq ft of bars and restaurants, an extreme sports centre and a hotel. A permanent replacement for the town's ice rink will also be built.The scheme is due for completion in 2013.

Earlier this week, another of David McLean's joint venture partners, Langtree, said it has sufficient funds to continue single-handedly with transformation of the International Garden Festival site in Liverpool if necessary.

Meanwhile, English Partnerships is reviewing plans for the southern Kings Waterfront site due to be developed into flats by David McLean and City Lofts.

Your Comments

Subscribe to our newsletter