Developer in talks to take on raft of other schemes after Thornfield Properties’ parent goes into administration
Mixed-use developer Hammerson is set to take over the running of the controversial regeneration of Smithfield Market, after Thornfield Properties’ parent company went into administration last week.
A spokesperson for Hammerson confirmed that the body was in discussions with administrator Deloitte over taking on the Smithfield scheme, but said a specific role had not yet been decided.
In addition, Hammerson looks set to take on a raft of Thornfield’s other schemes following the collapse into administration of Thornfield Ventures, including developments in Hemel Hempstead, Winchester, Sunderland and Thornaby.
Last week Hammerson was appointed to take on Thornfield’s only scheme under construction, the £350m Rock scheme in Bury, with immediate effect. It will act as development manager and asset manager for the BDP-designed scheme, which is six months from completion. The spokesperson confirmed that contractor Laing O’Rourke would remain in place to complete the job.
The holding company put into administration does not own any of the development assets. Consequently it is so far unclear whether any of the developments will need to be sold. Hammerson has not taken an equity stake in any of the schemes.