Balfour chasing ‘outstanding sums’ as luxury-flat developer collapses

Balfour Beatty has said it is still chasing “outstanding sums” relating to a £200m residential scheme in Mayfair after its former client entered administration.

Last week Interpath Advisory directors Steve Absolom and David Pike were appointed as administrators of 60 Curzon Street Developments, a single-project, special-purpose company behind the 32-flat scheme in Green Park.

Balfour finally completed the seven-storey block last year – five years after being appointed – as social-distancing rules during the Covid lockdowns caused lengthy delays. 60 Curzon Street was designed by PLP Architecture with interior design from renowned French architect Thierry W Despont.

A spokesperson for Balfour Beatty said: “We can confirm that prior to its administration, we had been in discussions with 60 Curzon Street Development Ltd (1706687829 in administration) to recover outstanding sums owed for the 60 Curzon St project in central London, which we completed in May 2023.

“As these confidential conversations remain ongoing, it would be inappropriate for us to comment further at this time.”

Developer Brockton Capital sold the majority of the site to two Hong Kong-based investors, Citic and Cindat, in 2016, before work got underway. However, the special-purpose vehicle formed to deliver the project lists current Brockton chiefs among its directors.

Official documents show 60 Curzon Street Developments posted an operating profit of just over £450,000 for the 2021 calendar year but its accounts for the following year are overdue.

It is understood that about £100m of sales have been made of the high-end residences, although it is not clear what proportion of the apartments remain on the market.

Steve Absolom and Ed Boyle from Interpath Advisory were also appointed fixed-charge receivers over the property itself. Interpath said this was sought by the lender, understood to be Apollo Global Management. It is understood the move will help the investor gain a say in the future sales strategy and operations.

Absolom said: “This is an impressive new-build property in the heart of Mayfair, where there is a scarcity of supply for such exclusive residences.

“With a number of units already sold, we expect this scheme to continue to generate significant interest from high-net-worth individuals who desire the perfect London base coupled with best-in-class luxury living facilities.”

Apollo, Brockton, Citic and Cindat have been contacted for comment.

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