Administration for property agent affects Manchester developments
The property sales agent Dylan Harvey Residential (DHR), who acted for several apartment schemes in Manchester and the North West, has been placed into administration.
About 500 residential property investors risk losing some or all of their deposits, totalling approximately £6.5 million, made for mainly off-plan apartments in developments which have not yet commenced construction.
The Manchester developments include Clippers Quay in Salford Quays, Zacharie Tower and Bengall Mill in Ancoats, and later phases of the Fresh Salford project.
The parent company, Dylan Harvey Group (DHG), which continues to trade following the restructuring of key lending facilities, explained that DHR was no longer a going concern following the loss of deposits paid to now-insolvent developers but that it may be able to offer creditors the opportunity to exchange their claim against DHR for an alternative DHG property purchase, subject to further legal advice.
The administrators, CLB Coopers, are considering proposing a Company Voluntary Arrangement and said "We are working hard to finalise the full financial position and explore all the options in respect of any value which can be recovered for creditors."