THE company building the development at the gateway to Pentire has gone into administration.

No 1 Pentire Newquay Limited is in the process of negotiating with administrators an “agreed way forward” for the One Pentire scheme, which comprises 74 apartments and is 95 per cent complete.

Sam Beilin from SBP Crisis and Risk Group, who is advising Stephens + Stephens, stated they are working to achieve a positive outcome.

He added all the other development companies owned by the Stephens and Stephens Group are “unaffected” by the administration, which includes the Cliff Edge schemes at Narrowcliff.

Mr Beilin gave reassurances to the Voice last week about the future of the One Pentire scheme following residents and Pentire Residents Association highlighting concerns about the status of the development.

He stated the sales market is “very slow” in the area and that his client is considering various options for the building. Mr Beilin added interest rates and construction costs have also risen.

Mr Beilin told the Voice regarding the administration: “The company which owns the project at One Pentire is in administration.

“The property has not been repossessed. Buyers who have bought apartments at the projects are unaffected by the administration.

"Stephens & Stephens has not gone bust, they will be working with the administrators to achieve a positive outcome for the company and the project.

"The works at One Pentire are 95 per cent completed but any outstanding works will be dealt with. There is no specific reason for an administration. However, values have fallen considerably in the area, sales are incredibly slow, interest rates have risen as have construction costs and this particular project was off-site for 15 months during the Covid pandemic. It's something of a perfect storm in the residential development market at present."

“We will be issuing a press statement over the course of the week when we will have a better idea of the agreed way forward.”