Royal Albert Docks developer goes into liquidation

PwC has been appointed as liquidators of 23 providers inside the ABP Team which was acquiring the 35- acre plot.

Construction function stalled in 2019 following the 1st section of work delivering 56,000 sq. feet of office and retail room and the finished units have largely remained empty although ABP has not compensated a substantial selection of lenders for the previous two many years.

The liquidators will now seek to safe new investment to restart the growth of the web site.

Mark Addley, Genuine Estate Restructuring chief and PwC spouse, stated: “This is a person of the most significant enhancement internet sites in London and has good strategic significance presented its area and the redevelopment possibility at the Royal Albert Docks.

“We will be doing the job with all stakeholders to maximise this option – ensuring that collectors get the maximum return but also to assist the put generating in this significant, evolving London district.”

Toby Banfield ABP Team Joint Liquidator and PwC husband or wife, included: “Initially we will target on obtaining a a lot more comprehensive being familiar with of this strategically essential progress website for both Newham and London.

“Once we have a clearer watch of the recent money posture via doing the job closely with all major stakeholders, we will then invite interest from traders and builders who can reignite the enhancement possible this scheme gives.”