Another major housing development in Hayle goes bust
A second major housing development has gone bust in Hayle - and all work on the site has been halted. Blakesley Estates, the developer behind the Copper Estuary housing project, has gone into administration.
The company had hoped to complete 70 units on the former R&J Supplies' eyesore site in Hayle before the end of the year. The so-called luxury development was due to include 67 apartments and three houses.
Blakesley Estates (Hayle CT) Ltd, which completed a project overlooking Whipsiderry beach, Newquay for 29 two- and three-bedroom apartments, had other developments in the pipeline, all of which are now on hold.
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The Hayle project is described on Blakesley Estates' website as an "exclusive" development with "new homes" comprising of "spacious one – two-bedroom apartments and modern townhouses" featuring "contemporary design, premium finishes, and panoramic views of the estuary".
As stated on The Gazette, Blakesley Estates, which has a registered address in Axminster, Devon, and a trading address listed as "Coppyhouse, Hayle, Cornwall", entered into administration on September 10.
Mark Blackman and Benjamin John Wiles from Kroll Advisory Ltd in Manchester, were appointed as joint administrators on September 13.
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Directors of Blakesley Estate (Hayle CT) Ltd include Michael O'Shaughnessy, Falco Director 1 Limited, Falco Director 2 Limited, and John Freeland. All are listed as currently active however the new insolvency status listed on The Gazette does not yet show up on Companies House.
Copper Estuary is the second big project to go under in Hayle this year, after the North Quay developer went bust. At the end of January, work stopped on the controversial regeneration housing scheme after all companies involved went into administration leaving more than £135m in debts. The 100-acre site was padlocked and London-based administrators Moorfields Advisory were appointed to sort out the mess.
The man behind the spectacular collapse was declared bankrupt in July. Simon Wright was forced to hand over control of all his personal assets to his largest creditor, BCM Global, an independent mortgage, real estate and commercial loan servicer based in Ipswich, who are owed more than £100m for money borrowed for the North Quay development in the seaside town.
Meanwhile, work has resumed on the North Quay site after Moorfields Advisory DCS Universal Carpentry and Joinery Ltd, to complete Block Y1 of the current phase of the residential scheme.
Kroll Advisory Ltd has been approached for comment.
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