Bracknell House – Receivership

Moorfields were appointed as Receivers over part of Technology House in Bracknell, a former office building with prior planning approval for residential conversion.

The site had planning consent to convert the offices into up to 81 apartments (1, 2, and 3 bedroom units), with construction works significantly progressed at the time of appointment. The assignment required professional oversight to manage the ongoing development and realise value for the secured lender.

Objectives

• Protect and manage the development site during the receivership period.
• Maximise recoveries for the secured lender through completion or sale of the development.
• Preserve the value of the partially constructed apartments.
• Manage stakeholders, including contractors, local authorities, and potential purchasers.
• Ensure a controlled and compliant receivership process.

Moorfields’ Actions

• Assumed control of the site and ongoing construction works, reviewing progress and compliance with planning and building regulations.
• Conducted a valuation of the partially completed apartments and overall development potential.
• Liaised with contractors, architects, and planning authorities to assess the best route to completion or sale.
• Explored sale and disposal options, marketing the development to residential developers and investors.
• Implemented robust project management and reporting to ensure transparency and risk management for the secured lender.

Results

• The site and partially completed apartments were stabilised, protecting ongoing value.
• Construction progress was monitored and maintained to safeguard the development’s planning consent.
• Stakeholder relationships were effectively managed, ensuring continuity and confidence.
• The assignment was positioned to maximise realisations for the secured lender, either through completion, sale, or disposal of the development.