South African property developer Venter Odendaal’s Surrey business Park Broadoaks Estate has been placed into administration.
Jim Tucker and Richard Heis, partners at KPMG, have been appointed administrators to Broadoaksestate Property management and Broadoaksestate Property Development.
Tucker said: ‘Unfortunately Broadoaksestate Property Management Ltd and Broadoaksestate Property Developments Ltd has become a victim of the collapse of the property market and have found themselves under increasing trading and cash pressures.
‘KPMG is currently working towards marketing and selling land and properties previously under development by Broadoaksestate Property Management Ltd and Broadoaksestate Property Development Ltd.’
The companies have 18 staff, most of whom have retained their jobs.
Odendaal, who built South Africa’s largest exhibition and conference centre near Johannesburg, the Gallagher Estate, and worked with former South African president Nelson Mandela to raise the country’s profile, bought Broadoaks Estate, in West Byfleet, in 1996. The 33 acre site includes a nineteenth century manor house in the grounds.
Recently, West End firm Orbis Investment Advisory had placed 19,000 sq ft under offer at £32.50/sq ft at Broadoaks, but is now thought to be reconsidering its options. Knight Frank is letting agent at Broadoaks.