Another De Trafford development goes into administration
Rick Harrison and Howard Smith from Interpath Advisory have been appointed joint administrators to De Trafford No1 Castlefield Limited as of 30 May 2023.
The Company is a Special Purpose Vehicle (SPV) within the DeTrafford group which acted as a vehicle to construct the No1 Castlefield development, a 420 unit luxury residential development located on Ellesmere Street, Castlefield on land that it owns.
A winding up petition filed and despite significant levels of interest in the development, the company failed to bring the scheme forward.
In light of the winding up petition, the secured lender, thought to be finance company Endless Bridge, took steps to protect its position, seeking the appointment of the joint administrators.
Rick Harrison, managing director at Interpath Advisory and joint administrator, said: “Our immediate focus will be to assess the options available for the site alongside our agents, bringing it to market in due course. Interested parties are advised to contact us at the earliest opportunity.”
This is the fifth DeTrafford development in Manchester city centre to be hit by financial problems.
City Gardens, the completed 109-apartment scheme in Castlefield, has suffered because some buyers were unable to complete on their purchases and new buyers could not be found in time.
The same problem caused DeTrafford’s St George’s Gardens scheme to enter administration September 2022.
Separately, administrators Kroll were appointed to DeTrafford’s £99m Wavelength development in August 2022.
De Trafford was founded by Gary Jackson who boasts that he endured the 1991 market crash, successfully developed over 800 properties including land, factories, industrial mills, houses and luxury apartments, then sold his property portfolio for £85 million in 2007.
In the 20 years that followed, Gary refurbished and resold over 800 properties nationally, with a particular focus in the North West and London. With the market at its peak, Gary sought to wait for an opportune moment, which came in 2009. Purchasing sites for development, DeTrafford Estates Group was formed with the ethos of pioneering functional and flexible living concepts.
TheBusinessDesk.com contacted the developer, but a phone answering service said the number was unallocated. Emails sent to two company addresses bounced back.