Marturano Homes Houston Limited, a UK housebuilder, has entered administration, leaving a planned residential development of 22 flats unbuilt. The company's principal asset—a 0.35-acre site on Houston Street in Greenock, Scotland, with planning permission for 22 flatted dwellings and associated parking—has been sold following a marketing process conducted by agents Graham + Sibbald.
Financial Default Leads to Administration
According to administrators' reports, the company fell behind on financial obligations, breaching its loan agreement with Crowd Property Limited, which held a standard security over the land. The outstanding debt was approximately £285,000. FRP, the appointed administrators, stated that Crowd approached them due to the company being in default of its loan payment terms by several months.
The company was incorporated in November 2022 and specialized in property development. It secured the Greenock land in December 2022, but no construction work ever commenced on the site.
Land Sale Process and Buyer Interest
An initial sales process concluded in December, but the only offer received was rejected by administrators as significantly below the property's valuation. The site was re-marketed in April, generating renewed buyer interest. Ultimately, a cash offer was accepted, though the sale price has not been disclosed.
Administrators noted: "The company's sole asset is undeveloped land located in a mixed residential and commercial area of Greenock and comprises a proposed residential development site with planning permission in place for 22 flatted dwellings and associated car parking. Graham + Sibbald marketed the land for sale with the additional benefit of planning permission extension."
Impact and Next Steps
The collapse leaves the planned homes unbuilt, affecting potential buyers and the local housing supply. The Daily Express has contacted FRP for further comment. The administrators continue to manage the company's affairs, with the land sale providing some recovery for creditors.
