240606 | Collapsed North Quay development in Hayle to be completed | A new contractor been appointed to take project on
Submitted by InYourArea and ... on Mon, 10/06/2024 - 00:00.
Collapsed North Quay development in Hayle to be completed
A new contractor has now been appointed to take the project on
By
Olivier VergnaultSenior Reporter
- 05:00, 6 JUN 2024
Work on a controversial harbourside housing development which stopped
in its tracks when the company behind the scheme dramatically went bust
is to start up again. At the end of January work stopped on the
controversial North Quay Regeneration housing scheme in Hayle after all companies involved went bust, leaving more than £135 million in debts.
The 100-acre site was padlocked and London-based administrators Moorfields Advisory were appointed
to sort out the mess. At the time Moorfields said that the two
residential buildings in phase 1 were complete and all units in these
buildings had sold. However the collapse of the project has left future
phases of the construction project on hold.
The specialist recovery firm was appointed administrators of Sennybridge (Hayle
Limited; Corinthian Plant Limited; Corinthian Pencoed Limited;
Corinthian Land Limited and Corinthian Access Limited. Other companies
involved in the scheme including including Hayle Harbour Authority
Operations Limited are managed by other administrators as a total of eight firms went bust - all run by Simon Wright.
More on the North Quay development collapse
The
site, situated within the Cornwall and West Devon Mining Landscape
World Heritage Site, holds planning permission for residential homes,
retail, business, and leisure spaces. Moorfields has now announced that
work to complete the ongoing phase of the project is expected to start
soon after it appointed a new construction company to take it on.
The
administrators also said that a property management agency has been
appointed to manage the completed blocks and estate while it is also
"working closely with the harbourmaster and his team to ensure the
harbour runs effectively".
At the beginning of the year when the project run by Mr Wright, and his wife Rebecca
collapsed, many local residents and businesses in Hayle worried not
only that the site could remain an unfinished eyesore for years but also
that they could be out of pocket if the administrators were not able to
sell up any assets after the largest secured creditors had first been
repaid.
LOADING
Arron
Kendall, administrator and partner at Moorfields Advisory, wanted to
reassured the community that progress is now being made on site so the
locals' fears are allayed.
He said that Moorfields has assembled an "experienced development and
consultant team to swiftly address the challenges posed and deliver the
scheme". He added: "A new contractor has been appointed to complete the
construction of Block Y1, known as Copper House. The contractor is
already on site, and it is anticipated the homes will be launched for
sale in September 2024.
"Rendall
& Rittner, a leading property management agency, has been appointed
to manage the completed blocks and estate. This will ensure a
pro-active approach to development maintenance and effective
communication to residents."
He
added: "We are working closely with the harbourmaster and his team to
ensure the harbour runs effectively. Critically, dredging of the estuary
re-commenced in April with a new contractor, Padstow
Sea Sand Limited. Regular dredging of the harbour will continue to
improve the tidal flow through the estuary, supporting the fishing and
sailing communities."
Mr
Kendall further added: "We have selected an experienced team to work on
this project, and they have worked extremely hard in the first three
months. We are really pleased with the progress achieved, across both
the scheme and wider estate. We remain committed to delivering this
project."
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