Build-out of luxury town houses

Moorfields appointed as Administrators in April 2017 over a development company that was in the process of converting a Grade II listed hotel into three luxury townhouses in central Windsor.

At the time of appointment, the development was 60% complete, with significant construction, planning, and financial challenges to overcome — including fire damage sustained during the pre-administration phase.

Objectives

• Take operational control and ensure the completion of the development to maximise value.
• Resolve planning and statutory issues preventing completion and sale.
• Recover insurance proceeds relating to pre-administration fire damage.
• Achieve maximum recovery for secured creditors through successful sales.

Moorfields’ Actions

• Took immediate control of the project and managed the development to completion.
• Oversaw the full rebuild of one of the townhouses following fire damage.
• Project managed a multidisciplinary team including architects, contractors, solicitors, and selling agents to ensure progress and compliance.
• Resolved planning and statutory hurdles, securing Building Control sign-off within four months.
• Successfully recovered an £80,000 insurance claim for fire damage.

Results

• The three luxury properties were completed and sold for £3.8 million.
• The first charge holder was repaid in full.
• A 60% recovery was achieved for the second charge holder.
• The project was successfully delivered despite construction, planning, and insurance challenges — maximising value for stakeholders.