PwC appointed receivers to 5-star hotel and luxury apartments being built on The Strand, London
Three partners from PricewaterhouseCoopers LLP, Russell Downs, Barry Gilbertson and Mark Shires, have been appointed by Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") as joint fixed charge receivers over the Foster & Partners designed 336-337 Strand, London WC2R 1HB.
Mark Shires, joint fixed charge receiver and partner at PricewaterhouseCoopers LLP said:
'Urvasco Limited was formed to progress the development of a 5-star hotel and 79 luxury apartments on the site of a listed building. The Hotel was intended to be managed by the company under the Silken hotel brand, and the apartments were being developed for sale.'
PricewaterhouseCoopers' specialist real estate and construction partner, Barry Gilbertson outlined the receivers' strategy:
‘As work on the construction of the site stopped in late 2008, our first task is to take stock of the part-built construction, to understand the quality and condition of the structure, which may have deteriorated after being exposed to the weather through last winter. Following this, we will carry out significant due diligence to put together a detailed information memorandum for sale. It was incorrectly rumoured earlier this year, that the developers had gone into administration, and we were inundated with enquiries from potential purchasers.
'If the green shoots of recovery really are pushing up through the streets of tourist London, then we expect that there will be very strong demand to take over this development to build out the hotel, with its stunning marble pyramidal atrium, and the apartments which are in a fantastic location right in the heart of London's theatreland midway between the West End and the City.'
Interested parties should contact Sam Kempe by email at email@example.com
BRS PR Manager, PricewaterhouseCoopers LLP
Phone: 020 7213 2421