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KW Linfoot Moved Into Administration

In a move that has been expected by observers for several weeks, Lumiere developer KW Linfoot Plc, has been moved into administration following the almost complete withdraw of funding from the banks in the wake of the credit crunch.

The Yorkshire developer is most famous for being responsible for the 99 aparrment Lumiere twin tower project in Leeds that has been designed by Beetham Tower architect, Ian Simpson.

If built will be the city's first proper skyscraper with an end value estimated in December 2008 at 225 million and a height of 172 metres for the tallest building, a figure big enough to make it the tallest building outside London and trumping by a matter of metres Simpson's existing record-holder in Manchester.

They have also been working with architects Aedas on a quartet of towers for Salford Quays at Harbour City dubbed ManYoo. Those involved in this scheme along with the other projects, hope they can be kept alive through KW Linfoot's development partners.

Quite where this leaves depositors in the Lumiere in particular remains to be seen as some have been trying to have their money returned to them for months, or at the very least get updates from the developer on what is happening with the scheme.

To try and hold the depositors in place in the face of their collapsing confidence, KW Linfoot has claimed the scheme would be finished in 2015 and that they will without exception, sue any investors who try to back out and get their money - the property equivalent of a bank run.

Despite the assertion to depositors that things are still go, the move into administration is the latest sign that things are not looking healthy for the Lumiere - the former website of the project is even being cybersquatted on by Russians hopeful of auctioning it off to the highest bidder.

Article Related buildings:

Lumiere Tower 1

Lumiere Tower 1
Lumiere Tower 2

Lumiere Tower 2
The Lumiere, Leeds
The Lumiere, Leeds