Vantage Point 17 flats Barnet

After the developers of a 17 flat residential development had gone into administration, Bank of Ireland, a long-standing client of Gilmartin Ley, and BDO LLP (administrators) were left with a 90% completed building in a prime position in Barnet.

Gilmartin Ley were called in to plan and implement an exit strategy.  This involved working closely with the administrator, resolving problems including remedying sub-standard construction works, sales strategy advice and managing sub-agent Lanes New Homes who achieved excellent sale prices for the flats, and even included negotiating the acquisition of two parts of land on which the block had been constructed but which were not within the land owned by the former developers.

The process began at the depth of the recession at the end of 2008 and concluded in June 2011 with the sale of the ground rents at auction.