Peel bags Manyoo site
PROPERTY giant Peel has bought the Manyoo site in Salford Quays where developer KW Linfoot was proposing to build more than 1,000 apartments.
Peel Land (Intermediate) Ltd has paid Manyoo LLP’s administrators KPMG £1.6m for the site in a deal which leaves a significant shortfall to lender Bank of Ireland.
A spokeswoman for KPMG confirmed that the sale of the site completed last month, adding that it was “unlikely funds will become available to the unsecured creditors”.
ManYoo LLP was a joint venture between Leeds-based developer KW Linfoot and London-based financier Yoo Capital. The company was planning to build more than 1,000 one, two and three-bed apartments at the Erie Basin site close to the Harbour City tram stop. These were to be housed in a series of high-rise towers.
However, administrators were appointed to the scheme in March last year. Administrators’ previously-filed documents reveal that the company owed £9.9m to its bank, Bank of Ireland, which held a mortgage over the site.
Peel Investments (North) also held a charge of £7.7m over part of the site and had attempted to appoint its own Law of Property Act receiver in 2009, but administrator KPMG’s most recent report states that neither Peel Investments (North), Linfoot’s joint venture partner Yoo Holdings, nor any of the company’s unesecured creditors were likely to receive anything due to the shortfall faced by the bank.
