IN BRIEF: Zentra signs letter of intent on One Victoria site
Zentra Group PLC - Manchester-based residential developer, development manager and property manager - Great Ducie Street Ltd enters into a letter of intent with AC1 Construction Ltd in connection with the completion of the remaining works at One Victoria. Says the LOI enables AC1 to take possession of the development site, undertake principal contractor duties and commence initial works while the parties finalise terms of a replacement contract. The developer is working to finalise the remaining scope of works, cost plan and construction programme, AC1 adds. It continues to expect practical completion during the fourth quarter of 2026.
Also on Thursday, says James Clark and Howard Smith have been appointed joint administrators of Torsion Construction Ltd. Following the appointment, Zentra Great Ducie Street Ltd has served notice terminating the contractor's employment under the One Victoria contract with immediate effect. "Site security and measures to protect the works remain in place. The developer, supported by Zentra and the wider professional team, is in advanced discussions with an alternative contractor regarding completion of the remaining works and expects to provide a further update shortly," Zentra says. Zentra does not expect these developments to have a material adverse effect on the recoverability of its £4.1 million loan receivable.
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