| Edinburgh based FM Construction went into administration back in February and workers on site at the £17 million Victoria Dock development were told to down tools and go home — leaving 40 out of the 60 properties unfinished.
At the time a spokesperson for the firm claimed the two remaining blocks would be finished by the end of 2009, but half a year later one man who paid in excess of £10,000 to reserve a home is scared he will never see the money again.
The man, who asked not to be named, said, “I have heard nothing at all about whether building is to start again or whether our money is safe.
“There have been no developments since May, everyone is still hanging in the balance hoping for the best.
“There has been very little communication about what is going on but I finally managed to get in touch with the administrators last week, who said it could take a while.”
The man added, “With the current economic climate the banks just aren’t lending to developers, I think we’ve all realised it’s going to be a waiting game.”
A spokesperson for the firm’s administrators Zolfo Cooper wanted to reassure people that the company was hopeful a buyer for the site would be found.
“Since our appointment as administrators in February, we have been actively trying to secure a sale for FM’s development at City Quay in its entirety and also evaluating the potential for joint venture projects.
“We are engaged in ongoing discussions with a number of parties and will continue to consider all options for the site.”
The spokesperson added that the best outcome would be for work to start again as soon as possible.
FM Construction previously completed £multi-million waterfront developments at Merchant’s Quay and Southern Wharf.
Its parent company FM Developments, which was unaffected by the move to administration, was founded in 1997 and has five divisions: homes, commercial, environmental, international and construction. |
