Recession: Nail in coffin for Aedas' Manyoo towers
The developer behind a £105 million four-tower scheme by Aedas in Salford Quays has gone into administration
A joint venture between Philippe Starck-backed Yoo Holdings and KW Linfoot of Leeds, ManYoo was specifically set up to develop a 26-storey,1,000 apartment development close to the Lowry in Manchester.
Although the project won planning in February 2007, the scheme failed to get off the ground and was mothballed after KW Linfoot went into administration in February 2009.
Investors in the ManYoo project are believed to have put down deposits of between £8,000 and £20,000 for more than 250 off-plan apartments, totalling £3.5 million.
Administrators KPMG said they were investigating ManYoo’s financial situation and would be contacting depositors ‘in due course’.
They added: ‘ManYoo is a partnership that has only one asset – land in Salford Quays currently being used as a car park. There have been plans for a property development on the site and a number of investors paid deposits on planned apartments. These deposit holders are now creditors of the partnership.’
The Aedas proposals replaced another four-tower scheme planned for the site by the Fairhurst Design Group for previous landowner Peel Holdings (AJ 13/10/2005), which was also unrealised.
Aedas was unavailable for comment.