Targetfollow, the developer whose largest asset in the region is Grand Central in Stockport town centre, is expected to be put into administration by Lloyds bank in the coming days.
National media report that the administration call could come as early as today. Lloyds is owed £680m in two loans, one for £230m which matured in July and another for £450m that expires in mid October.
Lloyds is in talks with Targetfollow about a refinancing but has also lodged a notice of intention to place it into administration as another option.
Targetfollow had signed Travelodge as an anchor for Grand Central, alongside 200 new apartments and a car park on Wellington Road South.
Planning consent was granted in February 2008. The developer failed to start on the £100m development.
In August 2008, Lend Lease walked away from a £500m redevelopment of the Bridgefield area of Stockport town centre. Lend Lease withdrew its support for the redevelopment which would have comprised 650,000 sq ft of shops, a cinema, 250 residential units and 80,000 sq ft of leisure citing deteriorating and unfavourable conditions.
Norwich-based Targetfollow also owns offices in Winwick Quay, Warrington, Metropolitan House in Manchester and the Empress Industrial Estate, Wigan.