Dandara buys first two Kilmartin sites from administrators

 

The administrators of Kilmartin have sold the first two development sites totalling 310 acres from the group’s property portfolio to Dandara.

 

The sale of the two sites – the 90-acre Stoneywood in Aberdeen and the 220-acre Knights Park – were concluded by PricewaterhouseCoopers this week as part of the ongoing disposal strategy of Kilmartin Property Group’s property portfolio.

 

Graham Frost and Bruce Cartwright of PwC were appointed joint receivers to Kilmartin, and joint administrators to its associated company Annfield Assets Limited on 7 January 2010.

 

The formal sale process for an additional four assets began this week: Inshes Retail Park, Inverness; offices at 7 Castle Street; student residences at John Smith Halls, Edinburgh; and offices at 200 St Vincent Street in Glasgow.

 

Knight Frank is co-ordinating the interest for the remaining English and Scottish assets together with a small number of individual sales.

 

Graham Frost, joint receiver and business recovery services director at PricewaterhouseCoopers LLP in Scotland, said: “Not surprisingly there has been a great deal of interest in the properties owned by Kilmartin and Annfield. Working with Knight Frank we are implementing a strategy for the sale of the assets within the portfolio. The early sale of the development land sites at Stoneywood in Aberdeen, and Knights Park in Tunbridge Wells reflected this investor appetite.”

 

Knight Frank represented Kilmartin Property Group; Dandara was unrepresented.

paul.norman@estatesgazette.com