Royal Albert Docks developer goes into liquidation

Grant Prior 1 year ago
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The Chinese backed developer of the Royal Albert Docks site in East London has collapsed into liquidation following a series of winding-up petitions from creditors.

PwC has been appointed as liquidators of 23 companies within the ABP Group which was developing the 35- acre plot.

Construction work stalled in 2019 after the first phase of work delivering 56,000 square feet of office and retail space and the completed units have largely remained empty while ABP has not paid a significant number of creditors for the past two years.

The liquidators will now seek to secure new investment to restart the development of the site.

Mark Addley, Real Estate Restructuring leader and PwC partner, said: “This is one of the largest development sites in London and has great strategic importance given its location and the redevelopment opportunity at the Royal Albert Docks.

“We will be working with all stakeholders to maximise this opportunity – ensuring that creditors get the maximum return but also to support the place making in this important, evolving London district.”

Toby Banfield ABP Group Joint Liquidator and PwC partner, added: “Initially we will focus on getting a more detailed understanding of this strategically important development site for both Newham and London.

“Once we have a clearer view of the current financial position through working closely with all major stakeholders, we will then invite interest from investors and developers who can reignite the development potential this scheme offers.”

 

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