A luxury residential development where crooner Sir Cliff Richard bought a £2.5m home has been placed into administration.
PricewaterhouseCoopers has taken over the Charters development in Sunningdale, Berkshire, after Royal Bank of Scotland called in its loan.
Owning companies Castleleigh Holdings and Charters Developments collapsed into administration on 1 May.
Charters features 34 flats set in 20 acres of landscaped gardens. The homes were being developed within the former Art Deco home of the Pilkington family, which was later used as the UK HQ of the De Beers diamond company.
PwC said it was appointed after the company “ran into financial difficulties as a result of the economic downturn which has affected most sectors of the property market, including luxury apartments”.
Barry Gilbertson, partner in PwC’s distressed property team, said: “Charters is a luxurious residential development in an excellent location that has already sold almost half the 34 apartments and we expect there to be strong interest in the remaining 19 apartments.
“Our immediate priority is to go through a period of stabilisation to ensure that the needs of the current owners and residents are properly addressed and the small amount of remaining work is completed quickly and efficiently.
“We will then bring the remaining 19 apartments to the market, while managing the estate to optimise the amenities for the benefit of current and future owners in what must be one of the most desirable locations in the home counties.”
