Winner of Debt Advisor of the Year in the Real Estate Capital 2017 Awards London:
  • Project:

    Dropmore Park – Bank Workout

  • Value:

    £50m GDV

  • Year:

    2011

  • In 2010 – through our JV vehicle Augur Buchler Partners Ltd – we were mandated by the Royal Bank of Scotland to evaluate a distressed residential development. The scheme had stalled and subsequently been mothballed by the bank following the drop in residential values resulting from the credit crunch.
  • The scheme was in “negative equity” which disincentivised the developer and a number of professional warranties were worthless as contractors and sub-contractor had gone in to receivership.
  • We exploited our strong links with Laing O’Rourke to evaluate the project and produce a “road-map” to enable RBS to optimise its capital recovery from the project.
  • Although we originally intended to co-invest alongside the bank to complete the scheme, our report ultimately enabled RBS to sell the project to a special purchaser and accordingly our remuneration was via a consultancy/success fee.