Thu, Sep 19, 2019
Rescuing a Lake District Housing Development and Restoring a Historic Monument
In 2017, Duff & Phelps and Investec were appointed as administrators to property development business, Reno Global Ltd.
Executive Summary
Sep 19, 2019
The Unlikely Real Estate Investor
Sep 19, 2019
Corporate Insolvency Framework Reform – The Story So Far
Sep 19, 2019
Flying Off the Shelves – Challenges Facing Supermarket Suppliers in the UK
Sep 19, 2019
Continued Regional Focus
Sep 19, 2019
Demand in Decline and Supply on the Up for the UK University Sector
Sep 19, 2019
Rescuing a Lake District Housing Development and Restoring a Historic Monument
Sep 19, 2019
Rolling the Dice: The Stresses and Strains Leaving the Gambling Sector in Peril
Sep 19, 2019
Crown Preference Returns?
Sep 19, 2019
UK Shops Lie Empty
Sep 19, 2019
A Brighter Future Here in the North West
Sep 19, 2019
- View all articles
Together we led the successful restoration and development of the Ironworks site in the Lake District, saving a historic monument and securing the construction and completion of 43 holiday homes.
On the Ironworks site is a Scheduled Ancient Monument (SAM), a blast furnace built in 1711, that’s believed to be the only remaining example of its type; it’s one of the first charcoal-fired blast furnaces to be built in Cumbria. The SAM was in very poor condition, and the cost of restoring it made the site an unattractive sales proposition. Strict planning restrictions in the Lake District added further complexity to the process of completing the site.
In collaboration with Investec, we proposed a solution to the local council where we would take on the cost of restoring the SAM, and the council would review the planning and sales restrictions. The council agreed, and we worked hard on this substantial restoration project with Investec, who invested £700,000 for the administrators to repair and recondition the blast furnace, thus preserving an essential piece in the history of English innovation that was on Historic England’s top 10 list of most “at risk” monuments.
Duff & Phelps worked in partnership with Investec and Indigo Planning to complete the restoration of the SAM and construction of 43 open market apartments, securing a future for the site and ensuring that the development would be completed.
The community also saw meaningful benefits, with a significant construction project providing jobs and revenue to local suppliers, and the conversion of a near-derelict site that had been a blight on the area.
This award-winning project is a fantastic example of how a modern development can sit comfortably alongside a dedicated restoration of a national monument. It’s rare for us to really say everyone’s a winner, but in this case the community has seen a dilapidated eyesore transform into an attractive development and investors have seen a near-failure turned around. Plus, a precious monument has been saved.
Investigations and Disputes
World-wide expert services and tech-enabled advisory through all stages of diligence, forensic investigation, litigation, disputes and testimony.
Restructuring
Financial and operational restructuring and enforcement of security, including investigation, preservation and realization of assets for investors, lenders and companies.