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Three Norwich Property Companies In Administration

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Just on Look East news, mentioned 1,000 jobs directly or indirectly will be lost.

Not sure about the state of all the various developments involved but they showed an empty site in Norwich Riverside which was due to be developed into 'apartments', the insolvency guy said might not be a good idea now.

Another development had a load of unsold flats, presumably these will be sold to pay back secured creditors.

Norfolk County Council are owed £200k for a contribution to a footbridge and play area that they built.

Some other details here:

http://www.insolvencynews.com/article/show/Creditors-of-Norwich-property-complex-left-out-of-

Perhaps some of you guys from Norwich could shed some light on the various developments involved, could be a shedload of cheap flats turning up soon?

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Found some more info, seems that these companies have been in administration for a few months, the news is what the administrators are doing to wind them up.

Paper Mill yard is where the unsold flats are, other sites seem to be as yet undeveloped.

http://www.edp24.co.uk/content/edp24/news/story.aspx?brand=EDPOnline&category=News&tBrand=EDPOnline&tCategory=xDefault&itemid=NOED13%20Aug%202010%2015%3A38%3A49%3A653

http://www.eveningnews24.co.uk/content/eveningnews24/norwich-news/story.aspx?brand=ENOnline&category=NewsSplash&tBrand=ENOnline&tCategory=xNews&itemid=NOED08%20Jun%202010%2008%3A46%3A54%3A370

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The only one I was aware of who were experiencing problems are City Living developments, who own Paper Maché yard and the Samson & Hercules site.

I wonder what went wrong with their business strategy? Did they over-estimate the amount of 'professionals' living in Norwich who wanted to buy 'luxury' undersized leasehold flats? [/schardenfreude]

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The only one I was aware of who were experiencing problems are City Living developments, who own Paper Maché yard and the Samson & Hercules site.

I wonder what went wrong with their business strategy? Did they over-estimate the amount of 'professionals' living in Norwich who wanted to buy 'luxury' undersized leasehold flats? [/schardenfreude]

They seemed to think that because it was only 1h 54m from London Liverpool Street, lots of people would commute from there to London.

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Comes out of hiding...

I think we talked about Paper Mache Yard a while ago, but I can't find the thread... it was at the time that there was talk of the Ipswich developments that City Living had were mothballed/had gone bust (Regatta Quays?).

I believe it was that development that they were renting out directly (ie not selling to Landlords who were renting them out, but the developers themselves were the LLs), but can't be sure... we all knew that no one could really afford those prices round here, and it was only a matter of time before this happened.

Shame about the Samson/Hercules development though. While I don't necessarily approve of the development, I would hate to see the place go to the dogs - I don't have any memories of the place (far too young!), but I know lots of people that do...

I'm amazed it's taken this long to get the administrators in!

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I believe it was that development that they were renting out directly (ie not selling to Landlords who were renting them out, but the developers themselves were the LLs), but can't be sure... we all knew that no one could really afford those prices round here, and it was only a matter of time before this happened.

Hello, W&S. *waves* :)

I have been scrutinising the local rental market and the flats at Paper Mill Yard were commanding £525+ a month for a 1 bedroom flat with small-ish living space, which I though was quite high.

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Hi Matt! How are you?

Yes, I think £525 is overkill for a 1 bed flat too - there are nicer/larger properties about for a similar price - ones where your washing machine isn't in your living room, and you can shut the door on the piles of washing up, because the cooking area isn't in the corner of the living room....

Having said that, if it is the devopers that are renting them out, then obviously they would consider that a more than fair price.... was it Paper Mills that were doing the rent for a year, and then the rent you've paid becomes your deposit to buy the flat scheme? It was all a while ago now, I remember Mr Gambino talking about balloons outside the development.

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Hi Matt! How are you?

Yes, I think £525 is overkill for a 1 bed flat too - there are nicer/larger properties about for a similar price - ones where your washing machine isn't in your living room, and you can shut the door on the piles of washing up, because the cooking area isn't in the corner of the living room....

Having said that, if it is the devopers that are renting them out, then obviously they would consider that a more than fair price.... was it Paper Mills that were doing the rent for a year, and then the rent you've paid becomes your deposit to buy the flat scheme? It was all a while ago now, I remember Mr Gambino talking about balloons outside the development.

I'm good thanks, W&S. Just picked the keys up to my new rental digs today. Hope you are taking it easy!

I'll bump Mr. Gambino's paper mills thread if its still there. :)

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Hi guys,not a suprise to hear about Shitty living Developments,think this had to happen it had been know in the building trade for some time they were in difficulties,not paying bills etc.I know that they traded under different names and the Ipswich division went pop last year.

My friend has to go back to Paper mill now and then for plumbing problems,he says most are renters, renting off the BTL`ers, most dont stay long and as i understand it around 60 are still for sale out of 180 that were built.

When the company i worked for went tits up last year the administrators had a sale of plant etc,sold i think really cheap, i got my van at a huge discount.Now, will we see flats up for sale at a huge discount then?

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Hi peeps,

Just popping here using my parents' PC as I'm still getting utilities arranged to my new rental. The previous tenant didn't bother cancelling the BT line @ the flat, which has buggered things up a bit for me. :rolleyes:

Nice to see the Norfolk faction of this sub-forum have a renaissance. B)

Cheerio...

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Hi peeps,

Just popping here using my parents' PC as I'm still getting utilities arranged to my new rental. The previous tenant didn't bother cancelling the BT line @ the flat, which has buggered things up a bit for me. :rolleyes:

Nice to see the Norfolk faction of this sub-forum have a renaissance. B)

Cheerio...

Hi Matt, hope the move has gone well, get hooked up soon and back on here.

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Hi Matt, hope the move has gone well, get hooked up soon and back on here.

Thanks, Mr.G. B)

Might still have to wait a week or two to get back online in my new place... :(

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I am not in Norwich at the moment someone said to me on the phone the other day that another couple of EAs in the city have closed?

Howards Estate Agents office on St. Andrews Street seem to have closed down. However, they have a couple of other offices on Plumstead Road and Wherry Road, Riverside.

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As against that, I thought the big TOPs place in Cringleford had closed down ages ago, and it would seem that they're there again. I drive past that place so often (it used to be the feather and black beds place by Jewsons) that I don't know if I've been dreaming that it closed, or when it actually reopened...

And one has opened up (WH Brown?) on the Unthank Road.

I'm hopeful that the realities are starting to hit, and they're having to re-jig their agencies/resources... this must be a pretty bleak winter for them.

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Apologies, it's JSM properties who are now in the big place in Cringleford - it's the same colours (black and red and white) as TOPS, and so I just assumed it was them again....

It looks like TOPS Estate Agents has now dissolved for good, despite a renaissance in 2008 or 2009 as'Moving House' (yellow logo) after some legal issues regarding the original 'TOPS' with it's black, red and white logo. I used to secretly admire the old TOPS are their centre page advertising in the Evening News (& EDP too I think) were quite well detailed and bold.

On one of my Sunday morning saunters through Norwich City Centre earlier, I walked passed the TOPS EA on St. Andrews Street (next to 'Fine & County' EA) and it is now empty. A printed A4 notice on the door stated that 'Gilson Bailey' of Prince of Wales Road was now taking over the property that were on their books.

Looks like TOPS have gone for good now. :(

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  • 259 Brexit, House prices and Summer 2020

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      • down 5% +
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