Northwest residential developer Millennium Estates has been placed into administration by its directors.
Millennium, which is mostly owned by David Hughes who also owns sportswear chain Allsport, was known for developing the types of large Cheshire country houses preferred by Premiership footballers.
However during the last boom it started developing large apartment blocks in regional cities including the 201-apartment Alexandra Tower in Prince’s Dock, Liverpool and the 121-apartment Millennium Tower in Salford Quays, Manchester.
The regional residential developer has been seriously hit by the economic downturn with buy-to-let investors struggling to secure debt for their investments. It is thought that a number of investors had failed to complete on purchases in Manchester with the apartments subsequently being let.
The £35m, 42-storey Alexandra Tower was next to City Lofts’ 162-apartment Prince’s Dock scheme. The City Lofts development was one of those placed into Law of Property Act receivership last summer before the company went into administration.
In Millennium’s accounts for the year ending 31 March 2007 the company reported a pre-tax loss of £1.3m and net assets of £28.7m.