Royal Albert Docks developer goes into liquidation

PwC has been appointed as liquidators of 23 companies within just the ABP Group which was acquiring the 35- acre plot.

Construction get the job done stalled in 2019 right after the 1st section of do the job delivering 56,000 square feet of place of work and retail space and the concluded models have mainly remained vacant whilst ABP has not paid a considerable amount of creditors for the previous two a long time.

The liquidators will now seek to protected new financial commitment to restart the progress of the site.

Mark Addley, Serious Estate Restructuring chief and PwC companion, explained: “This is one of the largest growth web sites in London and has great strategic relevance presented its site and the redevelopment possibility at the Royal Albert Docks.

“We will be performing with all stakeholders to maximise this opportunity – making sure that creditors get the highest return but also to help the position producing in this crucial, evolving London district.”

Toby Banfield ABP Team Joint Liquidator and PwC companion, extra: “Initially we will aim on having a a lot more comprehensive understanding of this strategically vital improvement web site for both equally Newham and London.

“Once we have a clearer perspective of the recent money posture by doing work closely with all main stakeholders, we will then invite desire from buyers and developers who can reignite the enhancement probable this plan provides.”