Property developers/housebuilders going bust

3.1k · January 22

Profits for Barratt & David Wilson Homes have taken a hit near Cambridge.

Poor foundations have been found at the Darwin Green site on the outskirts of Cambridge, some homes have been built to roof level, others are at earlier stages.

The developer originally said 30 homes worth £20 million would need to be demolished and rebuilt, This was raised to circa 88 are being demolished, each costing between £575k - £850k, the numbers have since increased again.

Unable to link directly but look part-way down the page https://www.msn.com/en-gb/news/world/two-british-warships-collided-and-our-defence-secretary-doesn-t-know-how/ar-BB1h23MM?ocid=msedgdhp&pc=ENTPSP&cvid=fb5c2c6ba662433b89ba72cd34f476e3&ei=17#image=BB1h29JJ|2

Oops ! :Old:

45.6k · February 2

This one is huge for Cornwall. And it obviously won't be completed any time soon, at the last proper crash I saw completed houses on unfinished sites shuttered for over a decade.

The development was extremely unpopular in Hayle.

North Quay Hayle development has gone bust as company in administration

The insolvency company which has taken over is hoping to see the work completed

Moorfields issued a press release yesterday (february 1) announcing that the 100-acre North Quay development had now 'entered a new phase'.

They said that the regeneration project is one of the largest of its kind in the South West. The site extends over 100 acres across Hayle’s North Quay and has planning permission for residential units, retail, business and leisure floorspace.

First residents moved into quay side flat during Covid pandemic

It was December 2021 when Corinthian Homes which was leading the multi-million pounds project announced it had completed the first block of 17 new quayside townhouses, named Cannery Row, adding that it had been sold out too.

It said then that the completion of the townhouses had contributed to more than 50% of the 140 new homes being built in the first stage of North Quay’s regeneration.

At the time Corinthian Homes said the scheme had been 10 years in the making and demand for the apartments had been such - during the pandemic - that many of them had sold off-plan.

Better the Devil we know

Hayle mayor Anne-Marie Rance said the town council was informed that the North Quay project was now on hold at this week's meeting.

She said administrators from Moorfields have been on site and it is now locked up with no workers allowed in. She said the site had been controversial since the word go with many residents in the town while at the same time, the affordable housing provision for the housing scheme near the cricket club had generally been welcome but worried it may now not happen at all.

She said: "They have been taken over by this specialist firm who deal with distressed developments so they can hopefully keep it running again soon. I'm just pleased that the habour itself is not affected and the harbour master and the other staff are still in a job.

"There will be a lot of happy people in the town at the news that Simon Wright has gone bust. It's like they think that now he's gone into administration it will all be OK. But sometimes it's better the Devil you know.

"I've been on the town council for 13 years and we have worked very hard to get the development through in coordination with the World Heritage Site. We would like to see it completed. The problem with the developer was that rather than stick to what it was supposed to do from its planning permission it tinkered around the edges creating havoc.

"if they had just concentrated on the development itself it probably would not be in the mess it is now."

"The administrators Moorfields have been appointed at the request of North Quay lenders LCM Financial holdings. The companies under the administration include: Sennybridge (Hayle) LTD, Hayle Holding Limited Company the ultimate holding company owned by Simon Wright, Corinthian Homes Ltd, Sennybridge (Hayle Harbour Authority Ltd).

https://www.cornwalllive.com/news/cornwall-news/north-quay-hayle-development-gone-9073342

The last accounts of Hayle Holdings Ltd were 31 October 22 and show nothing of interest, not even a consolidated balance sheet. The accounting period had been extended from the year to 31 October 2023 by five months to 31 March 2024, suggesting a desire to keep the information secret.

@Delboy @BoSon

7.6k · February 2

3 minutes ago, Frank Hovis said:

This one is huge for Cornwall. And it obviously won't be completed any time soon, at the last proper crash I saw completed houses on unfinished sites shuttered for over a decade.

The development was extremely unpopular in Hayle.

North Quay Hayle development has gone bust as company in administration

The insolvency company which has taken over is hoping to see the work completed

Moorfields issued a press release yesterday (february 1) announcing that the 100-acre North Quay development had now 'entered a new phase'.

They said that the regeneration project is one of the largest of its kind in the South West. The site extends over 100 acres across Hayle’s North Quay and has planning permission for residential units, retail, business and leisure floorspace.

First residents moved into quay side flat during Covid pandemic

It was December 2021 when Corinthian Homes which was leading the multi-million pounds project announced it had completed the first block of 17 new quayside townhouses, named Cannery Row, adding that it had been sold out too.

It said then that the completion of the townhouses had contributed to more than 50% of the 140 new homes being built in the first stage of North Quay’s regeneration.

At the time Corinthian Homes said the scheme had been 10 years in the making and demand for the apartments had been such - during the pandemic - that many of them had sold off-plan.

Better the Devil we know

Hayle mayor Anne-Marie Rance said the town council was informed that the North Quay project was now on hold at this week's meeting.

She said administrators from Moorfields have been on site and it is now locked up with no workers allowed in. She said the site had been controversial since the word go with many residents in the town while at the same time, the affordable housing provision for the housing scheme near the cricket club had generally been welcome but worried it may now not happen at all.

She said: "They have been taken over by this specialist firm who deal with distressed developments so they can hopefully keep it running again soon. I'm just pleased that the habour itself is not affected and the harbour master and the other staff are still in a job.

"There will be a lot of happy people in the town at the news that Simon Wright has gone bust. It's like they think that now he's gone into administration it will all be OK. But sometimes it's better the Devil you know.

"I've been on the town council for 13 years and we have worked very hard to get the development through in coordination with the World Heritage Site. We would like to see it completed. The problem with the developer was that rather than stick to what it was supposed to do from its planning permission it tinkered around the edges creating havoc.

"if they had just concentrated on the development itself it probably would not be in the mess it is now."

"The administrators Moorfields have been appointed at the request of North Quay lenders LCM Financial holdings. The companies under the administration include: Sennybridge (Hayle) LTD, Hayle Holding Limited Company the ultimate holding company owned by Simon Wright, Corinthian Homes Ltd, Sennybridge (Hayle Harbour Authority Ltd).

https://www.cornwalllive.com/news/cornwall-news/north-quay-hayle-development-gone-9073342

The last accounts of Hayle Holdings Ltd were 31 October 22 and show nothing of interest, not even a consolidated balance sheet. The accounting period had been extended from the year to 31 October 2023 by five months to 31 March 2024, suggesting a desire to keep the information secret.

@Delboy @BoSon

There's some fancy new 'lakeside' site on the St Austell bypass overlooking 'the cornish alps' that looks to have ground to a halt as there's been no activity for what feels like months when I go past. Think they were supposed to be targetting wealthy second homers, so like all those apartment blocks overlooking the sea (Newquay has loads been and being built) they need enough people willing to pay the money for that lifestyle.

They likely buy off plan while living in London then wonder why St Austell and Newquay town centres have all the same social problems as London they want to escape from on holiday.

At least while they're not yet built they can't sell off the rest to housing associations for gimmigrants, another problem buying off plan when the final outcome is uncertain, often the neighbours end up not being as aspirational as the range rover driving wannabes.

27.1k · February 11

https://www.housingtoday.co.uk/news/final-stewart-milne-subsidiary-enters-administration/5127299.article

https://www.dailymail.co.uk/news/article-13066187/Our-newbuild-dream-turned-nightmare-Homeowners-reveal-horror-trapped-400k-houses-covered-never-ending-snags-unfinished-housing-estate-developer-went-bust.html

Our newbuild dream turned into a nightmare: Homeowners reveal horror of being 'trapped' in £400k houses covered in never-ending snags on an unfinished housing estate after developer went bust

27.1k · March 21

https://www.dailymail.co.uk/news/article-13222391/new-build-ghost-town-abandoned-boarded-planning-row.html

The new build ghost town: More than 30 brand new properties are left abandoned and boarded up amid planning row 'after developer ran out of money to complete work because of council delays'

It's not our fault, it's the council's.

Quote

He said planning officers had added additional requirements to the scheme including a second road, a more complex draining system and a £750,000 retaining wall, which had 'eroded' his company's budget for the estate.

This doesnt make any sense. Officers don't have the power to change the plans once they have been approved. What actually happened is the developers filed an amended proposal after construction had started, to reduce the number of affordable housing, the oldest tric in the book and it backfired on them. That's their fault not the council's.

Quote

He told of initially allocating £2.8million for the project, which was given planning permission in 2018, before facing the extra interest fees of £1.2million.

Haha. Silly cunt.

Edited March 21 by spunko

45.6k · March 21

2 hours ago, spunko said:

https://www.dailymail.co.uk/news/article-13222391/new-build-ghost-town-abandoned-boarded-planning-row.html

The new build ghost town: More than 30 brand new properties are left abandoned and boarded up amid planning row 'after developer ran out of money to complete work because of council delays'

It's not our fault, it's the council's.

This doesnt make any sense. Officers don't have the power to change the plans once they have been approved. What actually happened is the developers filed an amended proposal after construction had started, to reduce the number of affordable housing, the oldest tric in the book and it backfired on them. That's their fault not the council's.

Haha. Silly cunt.

That story misses out the key reason for failure which was correctly flagged in the other reports posted above.

For the development finances to work it has to sell its s106 / affordable houses.

As a result of lumbering these houses with the liability of maintaining the big retaining walls no local HA, or Cornwall Council Housing, was interested in buying them because they didn't stack up financially for them.

They did, however, stack up for RentPlus which, whilst not a social housing provider, takes s106 / affordable homes and then disposed of them via a rent to buy model.

The council refused to allow RentPlus to buy them, on the grounds that they aren't actually a social housing provider, so that was that.

Bust.

Part of the blame goes to the Developer for putting the affordable units by the retaining wall, but the scheme would still have worked and been finished had Cornwall Council allowed the s106 houses to be purchased by RentPlus.

19.7k · March 22

23 hours ago, Frank Hovis said:

That story misses out the key reason for failure which was correctly flagged in the other reports posted above.

For the development finances to work it has to sell its s106 / affordable houses.

As a result of lumbering these houses with the liability of maintaining the big retaining walls no local HA, or Cornwall Council Housing, was interested in buying them because they didn't stack up financially for them.

They did, however, stack up for RentPlus which, whilst not a social housing provider, takes s106 / affordable homes and then disposed of them via a rent to buy model.

The council refused to allow RentPlus to buy them, on the grounds that they aren't actually a social housing provider, so that was that.

Bust.

Part of the blame goes to the Developer for putting the affordable units by the retaining wall, but the scheme would still have worked and been finished had Cornwall Council allowed the s106 houses to be purchased by RentPlus.

I read another article about this, what struck me was the prices in Calstock, which at the time I lived in the area was fairly cheap and regarded as a bit of a Cornish "Deliverance" village, like Gunnislake, lots of jokes about inbreds etc.

Now, look on Rightmove and it's big money, especially for a place so isolated and difficult to get to.

45.6k · March 22

1 hour ago, swiss_democracy_for_all said:

I read another article about this, what struck me was the prices in Calstock, which at the time I lived in the area was fairly cheap and regarded as a bit of a Cornish "Deliverance" village, like Gunnislake, lots of jokes about inbreds etc.

Now, look on Rightmove and it's big money, especially for a place so isolated and difficult to get to.

Calstock itself is pretty nice TBF.

19.8k · March 24

Heard yesterday that two local big builder bulding sites have put a stay on completions / fit out as already completed houses on those sites are not selling. Pulling back on breaking new ground and alike is one thing but leaving half completed houses (structure obvioulsy up) is quite another. It shows a complete lack of confidence in their sales pipeline.

2.9k · March 24

8 hours ago, onlyme said:

Heard yesterday that two local big builder bulding sites have put a stay on completions / fit out as already completed houses on those sites are not selling. Pulling back on breaking new ground and alike is one thing but leaving half completed houses (structure obvioulsy up) is quite another. It shows a complete lack of confidence in their sales pipeline.

Where?

19.8k · March 24

2 hours ago, Phil said:

Where?

Westbury area.

5.4k · March 25

11 hours ago, onlyme said:

Westbury area.

Remember when Spain went pop ?

Some poor sods ended up living in half built estates.

There are loads of these. Ireland had the same IIRC.

76k · April 4

I don’t know if going bust because this is the local lord. He’s been busy chucking all his tenant farmers off and turning their tied cottages into fhl. He’s also gone into building new build estates

https://www.mulgraveproperties.co.uk/developments/coast/

this is his latest venture.
https://www.rightmove.co.uk/properties/146432279#/?channel=COM_BUY

here, today, he’s selling off plots with full pp and services laid on. My guess is that he’s not shifting the built ones so offloading the risk. It’s a wild guess though.

April 4

6 hours ago, One percent said:

I don’t know if going bust because this is the local lord. He’s been busy chucking all his tenant farmers off and turning their tied cottages into fhl. He’s also gone into building new build estates

https://www.mulgraveproperties.co.uk/developments/coast/

this is his latest venture.
https://www.rightmove.co.uk/properties/146432279#/?channel=COM_BUY

here, today, he’s selling off plots with full pp and services laid on. My guess is that he’s not shifting the built ones so offloading the risk. It’s a wild guess though.

Is he chucking tenant farmers off the land too, or just the houses? It really sucks when lords of the manor do this.
A tenant farmer on the moor here told me he got so fed up with the lord of the manor landlord not fixing the dreadful state of the roof, so he paid for its full renovation himself. Not long after the agents were round valuing, and as the quality had improved the rent was now going up, no acknowledgement or concession to him for paying for the roof. Tenant left soon after, too unfuriated to want to stay and pay them any more money.

76k · April 4

40 minutes ago, roundhouse said:

Is he chucking tenant farmers off the land too, or just the houses? It really sucks when lords of the manor do this.
A tenant farmer on the moor here told me he got so fed up with the lord of the manor landlord not fixing the dreadful state of the roof, so he paid for its full renovation himself. Not long after the agents were round valuing, and as the quality had improved the rent was now going up, no acknowledgement or concession to him for paying for the roof. Tenant left soon after, too unfuriated to want to stay and pay them any more money.

That’s a very good question. I don’t know. He’s stopped all shooting and hunting on his land. There are pheasants everywhere where he’s ordered their release. I know that doesn’t answer your question.

45.6k · April 17

I posted this one upthread, the huge development of theharbour at Hayle - now shuttered and all work stopped.

The size of the debt! And this was all one hsuband and wife.

It's like Grant Bovey never happened.

Hayle North Quay collapsed company Sennybridge leaves £135 million debts

Many creditors will be worried they may not be able to recover what is owed to them

Moorfields has now revealed the extent of the collapse and the huge trail of debts left behind by the project and the man behind it, Simon Wright, and his wife Rebecca. Mr Wright, 56, is or has been a director of all eight firms that collapsed while his wife is or has been a director of half of them.

Documents available on Companies House show that Sennybridge Hayle Ltd, the company through which the funds for the Hayle harbour North Quay regeneration project flowed, has racked up humongous debts of more than £135.4 million as of January 31, 2024.

Some 21 companies or individuals are named as unsecured creditors in the Moorfields' Notice of Administrators Proposal (NAP) including Cornwall Council (£3,663) with the biggest creditors being London law firm Clyde & Co to the tune of £366,000 and a dormant company also run by Simon Wright called Sennybridge Ltd (£27m).

However the largest debt left behind by the North Quay scheme is for £108m to BCM Global, an independent mortgage, real estate and commercial loan servicer based in Ipswich.

https://www.cornwalllive.com/news/cornwall-news/hayle-north-quay-collapsed-company-9227199

5.4k · April 17

51 minutes ago, Frank Hovis said:

I posted this one upthread, the huge development of theharbour at Hayle - now shuttered and all work stopped.

The size of the debt! And this was all one hsuband and wife.

It's like Grant Bovey never happened.

Hayle North Quay collapsed company Sennybridge leaves £135 million debts

Many creditors will be worried they may not be able to recover what is owed to them

Moorfields has now revealed the extent of the collapse and the huge trail of debts left behind by the project and the man behind it, Simon Wright, and his wife Rebecca. Mr Wright, 56, is or has been a director of all eight firms that collapsed while his wife is or has been a director of half of them.

Documents available on Companies House show that Sennybridge Hayle Ltd, the company through which the funds for the Hayle harbour North Quay regeneration project flowed, has racked up humongous debts of more than £135.4 million as of January 31, 2024.

Some 21 companies or individuals are named as unsecured creditors in the Moorfields' Notice of Administrators Proposal (NAP) including Cornwall Council (£3,663) with the biggest creditors being London law firm Clyde & Co to the tune of £366,000 and a dormant company also run by Simon Wright called Sennybridge Ltd (£27m).

However the largest debt left behind by the North Quay scheme is for £108m to BCM Global, an independent mortgage, real estate and commercial loan servicer based in Ipswich.

https://www.cornwalllive.com/news/cornwall-news/hayle-north-quay-collapsed-company-9227199

UK 2020s will start to look like the UK 1970s soon.

5.4k · April 17

1 hour ago, Frank Hovis said:

I posted this one upthread, the huge development of theharbour at Hayle - now shuttered and all work stopped.

The size of the debt! And this was all one hsuband and wife.

It's like Grant Bovey never happened.

Hayle North Quay collapsed company Sennybridge leaves £135 million debts

Many creditors will be worried they may not be able to recover what is owed to them

Moorfields has now revealed the extent of the collapse and the huge trail of debts left behind by the project and the man behind it, Simon Wright, and his wife Rebecca. Mr Wright, 56, is or has been a director of all eight firms that collapsed while his wife is or has been a director of half of them.

Documents available on Companies House show that Sennybridge Hayle Ltd, the company through which the funds for the Hayle harbour North Quay regeneration project flowed, has racked up humongous debts of more than £135.4 million as of January 31, 2024.

Some 21 companies or individuals are named as unsecured creditors in the Moorfields' Notice of Administrators Proposal (NAP) including Cornwall Council (£3,663) with the biggest creditors being London law firm Clyde & Co to the tune of £366,000 and a dormant company also run by Simon Wright called Sennybridge Ltd (£27m).

However the largest debt left behind by the North Quay scheme is for £108m to BCM Global, an independent mortgage, real estate and commercial loan servicer based in Ipswich.

https://www.cornwalllive.com/news/cornwall-news/hayle-north-quay-collapsed-company-9227199

And....

Gives them some breathing space I'd wager.

5.4k · April 17

Or these ?

https://find-and-update.company-information.service.gov.uk/company/00912411/filing-history

one for a future search

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North Quay Hayle development has gone bust as company in administration