Construction stops as Trinity Walk enters administration
KPMG says activity at massive shopping centre development grinds to a halt as Trinity Walk Wakefield Ltd collapses
The slump in the property sector has sent a large-scale shopping centre
project into administration, immediately halting construction.
Jane Moriarty and Myles Halley from KPMG’s Restructuring practice were
appointed joint administrators to Trinity Walk Wakefield Ltd at the request of
the directors.
The shopping centre development, currently under construction in Wakefield,
is a joint venture between Modus and CIREF plc, being built by York-based
Shepherd Construction. Work began in 2007 and was scheduled to be completed in
2010.
Jane Moriarty said: ‘Trinity Walk is a victim of value erosion in the
property sector. The economic downturn and resultant downward pressure on
property values is impacting on the viability of many developments.’
‘Construction has stopped as we work with multiple stakeholders to explore a
way forward for the development.’
The project’s indoor market started trading in June 2008 and the
administrators understand that 40% of the centre’s retail space has been
pre-let.
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