Buyers warned they may not get their full deposits in £99m Salford Quays landmark flats scheme back
manchestereveningnews.co.ukBuyers who put down deposits to secure flats in a planned landmark £99m Salford Quays scheme have been told they might not get all of their money back after the company behind the development went into administration.
Planning permission had been granted in December 2019 for a 26-storey building which would feature 421 apartments. However work never started on site and advisory firm Kroll was appointed to oversee DeTrafford Wavelength Ltd in August because of overdue debts.
The wider DeTrafford Group is not impacted by the administration of DeTrafford Wavelength Ltd. READ MORE: Click here to sign up to the BusinessLive North West newsletter Kroll is now seeking to meet certain planning conditions by December 6 in order to avoid permission lapsing which has been described as "value-destructive".
According to a new document published by Kroll on Companies House, DeTrafford Wavelength Ltd had collected c.£10.8m in deposits from investors buying the around 300 apartments off plan.
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