Signature Living resi devs go into administration
Liverpool developer Signature Living’s residential developments have gone into administration, following the collapse of its hotels earlier this month.
Steve Williams and Philip Armstrong, partners at specialist business advisory firm FRP, have been appointed joint administrators for the special purpose vehicles for two residential conversions in Liverpool and Manchester.
Signature Living Residential Limited is the vehicle for the office-to-resi conversion at 60 Old Hall Street, to provide 123 apartments across nine floors.
Liverpool developer Signature Living’s residential developments have gone into administration, following the collapse of its hotels earlier this month.
Steve Williams and Philip Armstrong, partners at specialist business advisory firm FRP, have been appointed joint administrators for the special purpose vehicles for two residential conversions in Liverpool and Manchester.
Signature Living Residential Limited is the vehicle for the office-to-resi conversion at 60 Old Hall Street, to provide 123 apartments across nine floors.
A second SPV, Signature Victoria Mill Limited, applies to the part-conversion of Victoria Mill (pictured) in Platting, Manchester. The grade two-listed former textile mill is a six-storey red brick building where Signature was in the process of converting five floors into 85 apartments.
FRP administrators will seek to secure further funding from the project’s existing lenders to complete the projects.
Steve Williams, partner at FRP, said: “60 Old Hall Street and Victoria Mill are two highly sought after, centrally-located developments in Liverpool and Manchester. Our primary focus is to work closely with those involved in order to secure the funding that is needed to bring these projects to completion as swiftly as possible.”
It follows Duff & Phelps’ appointment earlier this month, with Matthew Ingram and Michael Lennon taking control of SPV for its hotels.
Signature Living was launched by chief executive Lawrence Kenwright in 2008, focusing on group accommodation with rooms available for stag and hen parties. It later expanded to heritage hotels and listed assets and office-to-resi.
The business targeted high net worth investors and promoted assured returns of up to 10% over a 10-year period, with clients given the option to sell investments back after three years. It said its investment business Signature Investments delivered ROI of 11% on its hotels and 8% on its residential conversions.
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