Mansfield Development Site – Administration & Sale
Moorfields were appointed as Administrators over a land site in Mansfield with planning consent for 314 residential units, valued at approximately £17 million.
The site required specialist management due to technical and legal issues impacting access and prior sales. Moorfields were tasked with stabilising the asset, resolving obstacles, and achieving a sale to a credible developer.
Objectives
- Resolve section 278 highway access issues affecting site development.
- Address outstanding warranty obligations and completed sales.
- Maximise recoveries for creditors through a structured disposal.
- Secure a sale to a reputable PLC housebuilder to ensure continuity of development.
Moorfields’ Actions
- Coordinated with local authorities and contractors to resolve s.278 access matters, clearing a key barrier to development.
- Reviewed and managed all warranty and sales obligations to mitigate liabilities and protect asset value.
- Marketed the site to national developers with experience in residential projects.
- Facilitated due diligence and sale negotiations with a PLC housebuilder, ensuring a smooth transaction.
Results
- Sale completed successfully to a PLC housebuilder, preserving the development potential of the site.
- Section 278 and warranty issues resolved, enhancing marketability and confidence for the buyer.
- Creditor recoveries maximised through a controlled and structured disposal process.
- Enabled continued development of the Mansfield site, supporting local housing delivery.
