Royal Albert Docks developer goes into liquidation

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

Design perform stalled in 2019 immediately after the 1st phase of work providing 56,000 sq. feet of office and retail house and the done models have mainly remained empty when ABP has not compensated a significant selection of creditors for the past two several years.

The liquidators will now find to secure new financial investment to restart the improvement of the web-site.

Mark Addley, Serious Estate Restructuring chief and PwC spouse, reported: “This is 1 of the major growth web-sites in London and has wonderful strategic great importance supplied its area and the redevelopment option at the Royal Albert Docks.

“We will be working with all stakeholders to maximise this opportunity – guaranteeing that creditors get the most return but also to assist the place making in this vital, evolving London district.”

Toby Banfield ABP Team Joint Liquidator and PwC companion, extra: “Initially we will emphasis on getting a extra comprehensive understanding of this strategically critical enhancement web site for equally Newham and London.

“Once we have a clearer check out of the recent financial place through functioning closely with all big stakeholders, we will then invite interest from buyers and builders who can reignite the improvement likely this scheme provides.”