Manyoo administrators seek planning extension
ADMINISTRATORS handling Manyoo, the failed Salford Quays property developer, are seeking an extension to the company’s planning permission for four 26-storey residential towers.
The permission to develop 1,036 apartments close to MediaCity expires next month and administrators are aware the value of the land – the company’s only asset – will diminish without it.
Manyoo was set up as a joint venture between London-based Yoo Holdings and Leeds’ KW Linfoot but failed to get off the ground and was mothballed after KW Linfoot went into administration in February 2009.
According to a report into Manyoo’s collapse, which went into administration in March, property agent King Sturge has been appointed to prepare an extension application.
It adds: “At this point the administrators will review the disposal strategy with the appointed selling agents. Extension of the planning permissions is a key part of the strategy to maximise the value of the land and returns to creditors.”
The Bank of Ireland is owed £9.8m and is facing a “material shortfall” on the debt. According to the report there will be no payout for Manyoo’s unsecured creditors, which includes those who bought flats off-plan and are understood to have paid deposits worth £3.5m.
The report only makes a passing reference to these depositors stating that around 500 flats were sold but these contracts were “rescinded” by KW Linfoot. No further explanation is given.
