Multi-Let Commercial Property, Ashton-Under-Lyne – Administration
Moorfields Advisory were appointed as Administrators over a multi-let commercial property located in Ashton-Under-Lyne, valued at £10 million with bank debt of £7 million. The asset included a mix of tenants, with a significant portion of income derived from NHS-occupied space.
Objectives
- Protect and maximise recoveries for the secured lender.
- Secure and reconcile available cash resources.
- Enhance the property’s value through lease management and re-gearing.
- Deliver an orderly sale of the asset to realise optimal returns.
Moorfields’ Actions
- Secured £440,000 of available cash held at bank immediately upon appointment.
- Undertook a full lease and occupancy review to identify opportunities for value enhancement.
- Successfully re-geared NHS leases, extending tenancy terms and improving covenant strength.
- Worked with agents to market and dispose of the property to a suitable buyer.
Results
- £440,000 cash secured and safeguarded for the benefit of creditors.
- Re-geared leases increased asset stability and attractiveness to investors.
- Successful sale completed, maximising recovery for the lender.
- Value preserved and enhanced through proactive management and targeted disposal strategy.
