The Anchorage avoids receivership sale
THE owner of The Anchorage in Salford Quays has narrowly avoided losing the Salford Quays office block, after paying back a £28m loan secured against the building.
Knight Frank was appointed as receiver and had started the marketing process to sell the property, valued at around £30m in June, after its North West-based private owner had defaulted on the loan payments.
But at the last minute, specialist loans servicer Hatfield Philips negotiated the full pay off of the loan secured against the development, which had originated from Morgan Stanley, on behalf of the noteholders.
Philip Byun, associate director at Hatfield Philips, told TheBusinessDesk: “Often with these nonrecourse loans, when the equity is wiped out people just walk away.
“But in this case the value of the property was there. The owner thought it could agree to pay the loan off at a lower amount, but the value was there so we pushed for the full amount.”
He added: “There’s been a lot of negotiation and, by achieving a full market value we can ensure that the Feronia noteholders achieve a full payout.”
The Anchorage was built by Muse Developments in 1991, with the aim of redeveloping the area and encouraging inward investment.
