LPA Receivership Appointment – Student Development, Bristol
Acting on behalf of : Thrings Solicitors, Bristol (referral)
The Brief
LPA Receivership appointment, acting on behalf of the principle contractors over unpaid debts against building works of a 39 bedroom student development complex in Bristol – Referral made by Thrings solicitors
The Solution
• Collection of rents, including arrears
• Comprehensive review of existing management, property survey and future letting potentials
• Instructed new managing agents to improve the running of the property and produce detailed accounts, creating a historic record. After 3 years decision made to offer the property for sale with the benefit of detailed records in an improving market
• Undertaking a selection process of local agents to undertake sale of the property and appointing agents, with sale price anticipated to achieve fully debt recovery
The Result
The marketing generated significant interest with the decision made to seek best and final offers. The sale was finally concluded forty months after the appointment with the debt being repaid in full. A small surplus was returned to the Official Receiver.
Throughout the process the Receivers worked closely with the appointing solicitors, Thrings of Bristol, local residential managing agents and Lambert Smith Hampton who sold the property
Back to Property Debt Advisory (LPA / Fixed-Charge Receiverships)
Lead Director: Chris Price MRICS NARA
Chris is an RICS Registered Property Valuer & LPA
Receiver, with 30 years experience in the corporate
recovery / asset debt recovery sector