UK: Developer North Star (York) Ltd has entered administration, leaving its York serviced apartment project without a roof.
In August 2021, North Star (York) purchased the freehold of 4-6 Parliament Street and 13 A High Ousegate in York. Plans involved redeveloping and refurbishing the site to create a basement and ground floor retail area with upper levels of serviced apartments.
A year later, operator Mansley Serviced Apartments were appointed to manage the property upon completion. The deal included an associate company of Mansley, Flemprat Ltd, to acquire the freehold of the building with a 250-year leasehold to North Star (York).
A completion date for the project was initially set for 4 December 2023. However, according to documents on Companies House, “unforeseen issues” arose which presented “significant delays in time and substantial cost increases”.
North Star director Steve Davis estimated that a budget of £2.4 million is required to bring the site to completion. Due to insufficient funds, Cowgills Limited were appointed as administrators in October 2024.
Flemprat have made an initial claim of £4.3 million. There are claims anticipated from 15 unsecured creditors totalling almost £897,000, and an estimated value of preferential creditors around £1,250.
North Star (York) Ltd was established in May 2021. Company directors Paul James and James Charles resigned in May 2023 and July 2024 respectively.
