Property developer hits buffers

A SMALL property business developing apartments in Whalley Range, Manchester, has been placed into administration.

Salford-based Parkgold Investments has run into cashflow problems and a buyer is now being sought for the site.

Simon Allport and Tom Jack of Ernst & Young in Manchester were appointed joint administrators this morning.

Parkgold’s site in Whalley Range has planning permission for three residential apartment blocks – 54 two and three bedroom apartments, 20 of which are almost complete and one block of 20, which is partially built.

Joint administrator Tom Jack commented: “Parkgold has experienced cash flow difficulties compounded by difficult conditions in the housing market. We hope to sell the development site in Whalley Range.”