60 Curzon Street Developments - Case Update

The joint administrators of luxury London development 60 Curzon Street have filed their proposals outlining what led to the company’s insolvency.

60 Curzon Street Developments is a single-project, special-purpose company behind a 32-flat scheme development located in the heart of Mayfair and designed by the French architect Thierry Despont.

When Steve Absolom and David Pike of Interpath Advisory were appointed as joint administrators, the reasons behind the company’s insolvency were unconfirmed but thought to include rising construction costs and interest rates, which may have deterred potential buyers. Now, the joint administrators have confirmed that the project experienced significant delays to completion, including due to the COVID 19 pandemic, resulting in increased financing costs for the project.

Situs Asset Management, a qualifying floating charge holder, lodged the notice of appointment on 26 January 2024 and the joint administrators were appointed. In order to preserve value, the joint administrators have been trading the company and have stabilised its position by retaining existing service providers to ensure the property is properly managed, maintained and prepared for sales viewings. Situs provided a line of funding totalling c. £9.95 million to meet ongoing operational costs.

The building reached practical completion in May 2023. The administrators have been working with construction company Balfour Beatty, with whom the company has a contract, to resolve any remaining works and defects.

Kingbridge Consulting was appointed as the property’s sales agent and asset manager. On Kingbridge’s recommendation, piecemeal sales of the units in the building are being pursued.

The joint administrators’ proposals can be accessed HERE.