Newport - Coldra Mill

The Coldra Mill residential development adjoins the Celtic Manor Resort and the M4 Motorway approximately 3 miles to the east of Newport City Centre. It takes the form of 4 executive houses, each on 3 floors and extending to approximately 5,500sqft all set within 12 acres. The scheme had suffered overruns and David Burgess and Peter Graham of Stephenson & Alexander were appointed in August 2006 as Joint LPA Receivers by the Lender, United Trust Bank, to manage the disposal of the asset. David Burgess, as the lead Receiver, undertook an appraisal of the available options, which included an assessment of the costs to complete the scheme by specialist cost consultants. Following this detailed appraisal exercise, the decision was taken to sell the site as it stood with the purchaser being responsible for completion of the works and for the sale of the individual completed houses. Stephenson & Alexander undertook a national marketing campaign and offers were received for the property from a wide range of local and national developer/investors. The sale of the property is now in the hands of solicitors. David Burgess is a fellow of the Non-Administrative Receivers Association and is an accredited receiver with the Royal Institution of Chartered Surveyors.