31st July 2025
Nick Myers and Alex Cadwallader of Leonard Curtis were appointed Joint Administrators of Lok Developments 05 Limited with its main asset being a part completed freehold development site known as Prospect House, Hallgate, in Hexham, Northumberland, on 29 October 2024.
The site consists of 16 residential units comprising of 1 three-bedroom townhouse, 12 two-bedroom units and 3 one-bedroom units. The one and two-bedroom properties are a mix of cottages and apartments.
Lok Developments 05 Limited was unable to deliver the scheme following financial difficulties and the knock-on effect of the insolvency of the main contractor.
The Joint Administrators were appointed by the secured lender for the purpose of completing the build and delivering essential new housing for the local community.
The Joint Administrators instructed the Newcastle-based architects Xsite Architecture and residential specialist contractors, Aston Walker Developments, to assist with this delivery.
The Joint Administrators also appointed Brunton Residential, an independent residential sales and lettings agent in Hexham to assist and advise them in respect of the marketing and sale of the various residential units on a piece meal basis.
A structural warranty provider, ICW (Insurance & Construction Warranties), was also engaged to guarantee the works and provide a 10-year insurance warranty which is expected to be well received by buyers.
Incrementum, a leading North East-based development management consultant, has also been assisting in delivering the completed scheme.
Joint Administrator Nick Myers commented:
“We were committed to adding value to the asset by continuing with the works – using local North East based property companies as far as possible – and delivering the finished build to a high standard, enhancing the local area as soon as we could.
“Without our collective intervention the unfinished development would have remained mothballed for some time and while it was a challenge getting the site back up and running, we are delighted with the results.”
Any parties interested in buying the units are being advised to contact either the Joint Administrators on amber.walker@leonardcurtis.co.uk or the appointed sales agents.