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Work stops on flats scheme
SHUT: The Walker Street site
A multi-million pound student flat project has been halted after just a month after the firm behind it ran into problems.
Work has been halted on the site of a former MOT garage on Walker Street in Preston city centre which had been earmarked for a £7.6m six-storey block of flats.
Developer Ice Blue Developments, which has its head office on Cottam Lane, Ashton, had receivers appointed on one of its leading projects at The Crossroads on Freckleton Road, Kirkham, last month.
Records on Companies House show insolvency experts MCR were appointed last month to the Crossroads scheme by an Australian bank involved in the project.
However, the records also show Ice Blue director Simon Price has more than 20 other companies still operating under the Ice Blue name, each connected to a number of different projects the company is behind.
A sub-contractor who had worked at Walker Street said he had “been left in the dark” since being told to down tools before Christmas.
Yesterday, the site remained locked and local traders confirmed there had been no activity on site this month.
The sub-contractor, who asked not to be named, said: “I think they started a number of these developments at a time when the property market fell down, so they have struggled to get any off the ground. We have no idea what is happening now, no-one has told us anything.”
Ice Blue was set up as the development division of Jack Smith Builders, a prominent Preston construction firm, and was behind a number of student flat developments in Preston and The Crossroads at Kirkham.
Its proposals for the 350-room student block, operating under the name Living City, had been planned to be open for the new student intake this September.
Speaking in December, Mr Price said: “We have started on the development on Walker Street and are hopeful of getting it completed in time for next term.”
He was unavailable for comment yesterday.
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Wednesday 22 February 2012
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Comments
There are 5 comments to this article
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EamonMurphy
Saturday, January 28, 2012 at 01:02 PMThis is only the tip of the ice-berg, the insolvencies in the pipe-line and the Building companies who are trading insolvently are going to significantly increase over the forthcoming 12 month periood,un-secured Sub-Contractors beware, the intention of these companies is too use your credit to make their negligence and insolvent positions more acceptable, and to avoid charges of fraudulently trading, the old old story, if the forthcoming purchase orders look too good to be true, then they probably are, always ask the question from new sources, who were you dealing with before me?
Prestonbred2012
Friday, January 27, 2012 at 06:40 PMIt's tragic that another local business is a victim of the current economic climate. Caution britishcitizen, because he isn't.
Frenchwoody
Friday, January 27, 2012 at 05:57 PMAre the wheels coming off the student property boom now?
caretaker
Friday, January 27, 2012 at 03:11 PMSimon Price has TWENTY COMPANIES?, he is doing better than Tony Bliar he only has around eight or nine!.
britishcitizen
Friday, January 27, 2012 at 02:45 PMisnt mr simon price locked up for fraud?
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