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Princes Dock apartments handed over to receiver
PROPERTY developer City Lofts has put its residential investment portfolio in the hands of the receiver.
Apartments at Princes Dock are among 250 properties in six cities that are to be looked after by Jon Gershinson of property consultants Allsop, who has been appointed as the receiver.
In a statement City Lofts said it had requested the move as part of its strategy to adapt to difficult market conditions.
It said: “This move is part of a restructuring process which City Lofts has been pursuing in light of the extremely difficult market conditions which both it and many other housebuilder and residential developers are currently experiencing in the UK.
“City Lofts is hopeful that the plan to restructure its businesses can be successfully concluded in as short a time as possible.”
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