Deloitte still holding out for Employment Exchange buyer

ADMINISTRATORS handling the former Employment Exchange building in Manchester are still holding out for a deal with a buyer who exchanged contracts 18 months ago.

The latest progress report from Deloitte shows there has been no change since the summer, and administrators Bill Dawson and Daniel Butters are now looking at alternatives.

The deal still hinges on the unnamed buyer securing planning permission for the site, and “this process is ongoing”.

The report adds: “The length of time between exchange and completion of this contract has taken longer than anticipated and the administrators are therefore assessing alternative options in this regard to complete this sale.”

Deloitte was appointed as administrator to the site’s owner Albany Crown over two years ago. The company, which was owned by Liverpudlian Chris Nisbet, had gained planning for an £80m, 44-storey tower which was to contain a hotel on lower floors and serviced offices above.

He had borrowed £7.25m from Barclays to build the scheme, but was unable to secure an operator Planning permission eventually lapsed and the value of the site plummeted.

Although administrators have not included a value they are likely to obtain as a result of the sale “as this could prejudice ongoing negotiations”, an earlier report estimated its value at £2m.

Deloitte has racked up a bill of £160,000 working on the case and drawn £102,944.