Steve Muncaster and Rob Armstrong were appointed as Joint Administrators of Hounslow Property Development Limited on 28 September 2023. Alongside Steven and Rob, Kroll’s Real Estate Advisory Group will be supporting the insolvency process.
Hounslow Property Development Company recently acquired an old Ministry of Defence site, Cavalry Barracks, near Heathrow with the view to build over 1,600 homes and 2,673 square meters of non-residential floorspace for community and commercial use.
At nearly 37 acres, the former Ministry of Defence site is one of the largest remaining undeveloped brownfield sites in London. The original development plan was to refurbish in total 14 Grade II listed buildings and nine locally listed buildings were to be refurbished.
Rob Armstrong, Joint Administrator, said “It is clearly a challenging time for companies operating in the real estate sector. We are assessing all the possible options related to this site and the Company as a whole.”
Annika Kisby, Managing Director, Kroll’s Real Estate Advisory Group: “This site is one of London’s largest remaining brownfield sites. Cavalry Barracks provides a major opportunity and is significant for a wide range of stakeholders across the capital. Kroll’s real estate team is looking forward to bringing our range of skills to maximise the realisation of the asset.”
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