Second X1 vehicle goes under

The company set up to deliver a four-tower scheme at Salford Quays has appointed administrators, with three of the buildings complete.

BTG Begbies Traynor has been appointed as administrator for X1 Media City Limited, according to a London Gazette filing and correspondence seen by Place North West.

The collapse of the SPV is the second for X1 in recent weeks. Place reported in June that X1 Manchester Waters had gone bust having delivered three of five planned apartment blocks on Pomona Island.

A short distance away, X1 secured planning permission in 2015 for four 26-storey buildings north of The Quays and east of Media City and has sold apartments off-plan to investors. Towers one and two completed in 2017 and 2018 respectively. The third tower completed in 2023.

No above-ground work has taken place on the fourth and final tower. The outcome for investors who have put down deposits on flats within the last building will become clearer once administrators publish their findings.

BTG Begbies Traynor and X1 were contacted for comment.

The last available accounts for the SPV are for the 12 months ended 31 October 2023 and show that X1 Media City generated £48m in sales and made a £2m pre-tax profit for the year.

Apartments at X1 Media City were marketed by Knight Knox. The completed buildings feature gyms and cinema rooms as well as studio and one- and two-bed apartments.