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240723 | Hayle property developer declared bankrupt

Submitted by InYourArea and ... on Wed, 24/07/2024 - 11:06.

Hayle property developer declared bankrupt

Posted By Rashleigh MacFarlane on 23rd July 2024

By Rashleigh MacFarlane

The property developer who tried to turn Hayle’s North Quay into a luxury housing complex has been declared bankrupt.

Simon Wright, 57, has been ordered to hand over his assets to his largest creditor.

Work on the North Quay project stopped suddenly in February.  The 100-acre development is within a UNESCO World Heritage site.

Several other companies which had been relying on payment for work done at Hayle also went bust.  Total debts are thought to be around £135 million.

Administrators are now trying to complete the construction but have warned this will be a lengthy and piecemeal process, as and when funds become available.

The financial disaster at Hayle is a sobering reminder of what happens when developers overreach, particularly in a commercial environment marked by high inflation and high interest rates.

Cornwall Council is continuing to press ahead with its £230 million Pydar regeneration scheme in Truro, despite warnings that the project is not viable.

The ruling Conservative cabinet recently voted to give officials an additional £10 million to keep the Pydar scheme alive, even though all of that money will be spent on consultants and architects and none on construction.

Critics say the only commercial difference between the council’s project and the Hayle project is that County Hall can get its money from taxpayers.

The Pydar site remains a hole in the ground.

 

 

https://cornwallreports.co.uk/hayle-property-developer-declared-bankrupt/
https://archive.is/ffhF3
Doomed Hayle North Quay development through the years - in pictures February 2024
‹ 240606 | Collapsed North Quay development in Hayle to be completed | A new contractor been appointed to take project onupPA20/05161 | Approved with conditions | Reserved Matters application for the construction of 377 residential units; 598 sqm reta ›

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