Abandoned Projects – Taking them through to Completion…

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Abandoned Projects – Taking them through to Completion…

Projects like this are rarely available (although perhaps more often than you might think) and are often the basis for future comments such as “I could have bought that for…” or “that was a bargain”…

What those comments do not address however is why the project was left for years without a buyer? what condition it was in at the time of the sale? what costs (known or unknown) the buyer might face? and what obligations, liabilities or legal complications might need addressing?

This particular development was something of a sad story, when a new team of developers purchased a site back in the early 2000’s and employed a local architect to design a block of ten eco-friendly townhouses with modern living in mind and stunning views across the English Channel.

Unfortunately, and to cut a long story short, the credit crunch and subsequent financial crisis scuppered those plans and these high specification properties could simply not be sold at the required price.  Eventually the developer sadly went into receivership before completing the works and the site was left unfinished.

After years of false starts and rumours, the Mortgagee in Possession placed the property for sale and after short but competitive negotiations, Freelands were fortunate enough to secure the site at a acceptable price and quickly proceeded with plans to bring the site back to life.

After many months of negotiations and addressing outstanding issues, along with an extensive programme of refurbishment and completion works, the properties were finally completed to the standard they deserve.

Naturally, we are delighted with the result and whilst the majority have been made available for sale, the company aims to keep a number if units, making them available for short or longer term letting.  The properties enjoy a fabulous position in one of the South Coasts most progressive locations, so after a stormy start, the future certainly looks bright!

Financials:

Please contact us if you would like to know more about financing and returns offered by Freelands.