Hammerson brought in to commerical developer's £200m Rock retail scheme in Bury after holiday company collapses
Part of HBOS-backed commercial developer Thornfield Properties, behind the £200m Rock retail scheme in Bury, Lancashire has today been placed into administration.
Deloitte said it was appointed administrator to Thornfield Ventures, a non-trading holding company within the Thornfield group.
However it said Hammerson had already been asked to take on the £200m Rock scheme, designed by BDP and currently being built by Laing O'Rourke. The scheme topped out in July 2009 and is due to open in July 2010.
In a statement Deloitte said administrators had not been appointed to any of Thornfield's Bury companies, but did not say why Hammerson had been asked to take the scheme on.
It is currently not clear what the status of Thornfield's other schemes are, none of which are on site. These include the controversial proposed redevelopment of part of Smithfield Market in London, as well as retail schemes in Hemel Hempstead, Winchester and Sunderland.
The statement said: “Administrators have not been appointed for the Thornfield Bury companies, nor any Thornfield Capital Limited group company (including Thornfield Properties Plc, the group's main operating company), other than TVL.
Phil Bowers and Angus Martin of Deloitte, were named joint administrators. Bowers said: “We are working closely with all stakeholders to support the completion of Bury and maximise the potential of the other development schemes. It has been agreed by all parties that Hammerson has been appointed to deliver the completion and opening of Bury and will also be supporting the Joint Administrators in evaluating the other schemes in the portfolio.”