Bristol scheme falls into receivership

Savills has been appointed as the receiver of a major mixed-use scheme in the UK city of Bristol.

The Finzels Reach project in central Bristol will see the site of the former Courage Brewery converted into a mixed-use regeneration project. The scheme encompasses office, residential, leisure and retail elements and a number of construction phases have already been delivered.

Planning permission is in place for a 15,200 m2 speculative office development as well as further residential and retail units.

The scheme’s four creditors are headed by Deutsche Postbank London Branch, acting as agent and security trustee on behalf of Finzels Square Limited.

Savills director Kevin Mersh has been appointed as receiver and stated that business will continue as usual on the scheme. ‘Initially we will undertake a strategic review of the asset and we are not anticipating an immediate sale of the entire scheme or its component parts. Our appointment means that the delay in progressing this important project is nearly at an end,’ he said.