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Dan Whelan
A group of investors has bought the 82-apartment scheme on Chruch Street in Eccles for £1.1m following the collapse of the previous developer Lyceum Manchester, a vehicle owned by Goodwin’s Construction Services Group, which is in administration.
Work on the redevelopment of the town’s former Crown Theatre stopped last year before FRP Advisory was appointed as administrator to both Goodwin’s and the special purpose vehicle in December.
Since then, Mitchell Walsh, director of Liverpool-based Elevace, which was the sales agent for the £15m Lyceum development, has founded the Lyceum Investors Group, a company set up to act in the interests of the scheme’s 27 investors.
Dan Whelan
The collapsed contractor’s administrator has sold two plots at Dukinfield Golf Club to housebuilder Elan Homes for £1.8m, and extended the administration period for a further two years to increase the chances of delivering a financial return for creditors owed £45m.
In its most recently published report on Bardsley Construction, Duff & Phelps said a total of £1.2m from the land sale will go towards repaying the company’s creditors, after £600,000 of the proceeds was apportioned to the company that owned the golf club. That company is also now in administration.
Tameside-based Bardsley collapsed in December 2019 after running into trouble on three major projects that caused a £3.2m hit to its bottom line, according to previous administrators’ reports.