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Sold down the river

November 28 2008

Sold down the river
Clients of collapsed property firm Duncarse Developments have been warned by administrators that they may not see a penny of their £6,000 deposits.

Days after managing director Mark Wilson gave assurances over the company’s future, they were placed in administration by PricewaterhouseCoopers.

Duncarse is the latest property company to go under after failing to secure the required funding to proceed with their River Apartments scheme in Dundee.

River Apartments constituted five residential blocks providing a substantial 202 flats between them.  

The brownfield site boasts prime views of the Tay Estuary and it is hoped the fact that 25 people had demonstrated intent to buy by placing a deposit will provide administrators with leverage in eventually finding a third party to take the scheme forward.

The news follows the recent demise of Anderson Homes (City) and Gregor Shore.

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