Uncertainty remains over Norwich Harford Place scheme
PUBLISHED: 17:58 19 January 2011
A £125m plan to build hundreds of homes, offices and shops remains in the air more than three months after the site was placed in the hands of administrators.
The proposed Harford Place scheme, which includes the former Bally Shoe Factory site off Hall Road in the south of the city, was among more than 20 assets handed to administrators Deloitte following the collapse of two subsidiaries of Norwich property firm Targetfollow in October.
But Deloitte officials said yesterday that while they had received offers from potential buyers for the 21-acre site they were still “exploring options” for its future.
The news comes as Deloitte has confirmed it has sold the adjacent Hall Road Retail Park, another former Targetfollow property and home to stores including Aldiss, Pets at Home and Bennetts.
Deloitte officials were unable to reveal the identity of the buyer, described as an “institutional investor”, but unconfirmed reports suggest the site was bought by investment firm Shroder Exempt Property Unit Trust, which was last night unavailable for comment.
A spokesman for Deloitte said: “We can confirm that Hall Road Retail Park has been sold to an institutional investor but are unable to give any details due to a confidentiality agreement.
“The administrators are exploring options and offers for Harford Place.”
In December 2007 Targetfollow unveiled plans for the 35,000 sq m Harford Place development, including 300 new homes, a public square and retail, office, leisure and arts accommodation.
Originally due for completion by spring 2010, the project was put on hold in the recession, with the housing market collapsing and difficulty obtaining financing.
The news follows progress in a number of other key developments in the city.
Long-awaited plans for a £100m overhaul of Anglia Square are set to be lodged this week.
Entrepreneur Andre Serruys has also unveiled plans for a £100m development at the disused Deal Ground site in the south of the city, including 600 homes and a marina.
Two subsidiaries of Targetfollow went into administration in October after being unable to repay loans and debts totalling £700m to Lloyds Banking Group.
A number of the Norwich firm’s former assets, including the proposed Can of Ham building site in London, have since been sold by Deloitte.