Knightsbridge Property

Updated: 21st December 2021

Knightsbridge Property

The wealth arm of the Bank appointed receivers over a property which was within a short walking distance of Harrods in Knightsbridge. The property comprised a large house and an exceptionally large garden (for that area of London). The property was in the process of being developed by an individual who has since been charged with a substantial fraud.

Work undertaken

Some initial issues we encountered at the property; the property was in a state of disrepair, including substantial excavations having been undertaken in the garden. The roof works were incomplete, and water was getting into the building in several places. There were no warranties for any of the works undertaken. There were several breaches of planning, including the depth of the excavation.

BTG asked two prominent agents to value the property in its present state.  We avoided agents who had been used by the Bank or the owner as we wanted fresh thinking.  We were advised that the property was worth between £7 million and £8 million.

We carried out the following:

  • secured an overdraft from the Bank and eventually borrowed £3 million
  • repaired the roof so that the Council withdrew their enforcement notice
  • secured the groundworks as the props which secured the excavation to the rear of the property were considerably beyond their recommended life span
  • regularised the planning, with several planning applications. We were questioned on our plans at one of the planning committee meetings for Kensington and Chelsea Council
  • engaged with the residents and kept them apprised of our activities and plans
  • ensured that adequate public liability insurance was in place

Whilst undertaking the above, we met with several interested parties and secured several offers considerably above the valuations we had obtained.

Outcome

Once all the above works were completed, we decided to put the property on the market with a guide price of £20 million.

We secured a sale at in excess of £30 million to the delight of the Bank and at four times the initial valuations.  This has resulted in the Bank being almost paid out in full without the need to enforce its security on other properties.


Network of Over 100 UK Offices

Find your local Begbies Traynor Group office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Begbies Traynor Group plc, announces that it has completed the acquisition of CVR Global LLP
CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines.
Read More →
 
Coronavirus pushes financially distressed companies over the half-million mark
Number of businesses in significant distress stands at 509,000 – the highest number measured by the Red Flag Alert research
Read More →
 
BTG Advisory accelerates growth with appointment of four new partners to its London office
BTG Advisory, the boutique advisory arm of Begbies Traynor Group announces the appointment of four new partners to its Canary Wharf office
Read More →
 
Eighty jobs saved with £1m sale of engineering business
South Yorkshire company Newburgh Precision rescued through administration
Sale enables 75-year-old business to continue trading
Read More →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor Group team

or Find your Nearest Office

Here at Begbies Traynor Group we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Processing...
{{-- Bing ad tracking - DO NOT MOVE TO GTM UNTIL PARTYTOWN PATCHES IT --}}

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY