Company plans to finish harbour development

By Richard Wright

Friday, March 20, 2009

 

ADMINISTRATORS have underlined their efforts to sell all the luxury homes in the part-built Island Harbour development.

Andy Beckingham and Shay Bannon, business restructuring partners at Southampton-based BDO Stoy Hayward, have been appointed joint administrators of Island Harbour Holdings Ltd.

Island Harbour Holdings, based in Binfield, is responsible for building a waterside development of 48 holiday homes.

The company has no employees and the construction of the properties is being undertaken by a third party contractor.

Mr Beckingham said: “We are working with the contractors to finalise the construction of the 48 unit development. We will then undertake the sale of all of the properties.”

A number of the newly finished luxury yachtsmans’ homes remain unsold during the credit crunch at the marina. Several more are under construction.

Administrators taking control follows a compulsory winding up order, issued late last year, against Island Harbour Ltd, which operates Island Harbour marina and the bistro. Both continued trading under a new management company.

Reporter: richardw@iwcpmail.co.uk

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