In 2024, Bellco Construction took control of 3 part built residential developments across Margate and the surrounding area following the previous developer entering administration.
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Margate, Kent
10 months
November 2024
The sites comprised:
A total of 36 new build houses, ranging from 2 bedroom semi detached homes to 5 bedroom detached properties.
All 3 sites were distressed, partially constructed and commercially stalled. The lender had attempted to dispose of the schemes on the open market but offers failed to cover outstanding debt.
Rather than crystallise losses, the bank entered into a joint venture with Bellco Construction on a full open book basis, appointing us as main contractor and contractor led developer to complete and realise value from the schemes.
Works commenced January 2024 and all developments were completed November 2024.
Each site was at a different stage of construction:
However, physical progress did not reflect actual condition.
Key issues included:
When developments become distressed, momentum collapses.
Contractors disengage. Quality drops. Hidden issues emerge. Rumours spread.
Stabilisation required immediate leadership.
The lender partnered with Bellco Construction to avoid liquidation value loss.
The structure:
This structure protected the lender’s position while enabling active completion rather than passive disposal.
Restarting distressed sites requires more than completing remaining works. It requires rebuilding regulatory confidence.
Building Control was retained with the Local Authority from the previous developer, allowing continuity of inspection history. This was critical.
Where private Building Control is involved, reverting to Local Authority can create significant delay due to lack of prior knowledge. We navigated this carefully to maintain momentum.
We:
Each site required structured sequencing and disciplined cost control.
Construction across the 3 sites included:
All properties were brick construction with truss roofs.
All 36 houses were sold on the open market.
The schemes transitioned from distressed assets to completed residential developments within 10 months.
Following completion, Bellco provided a 2 year developer remedial period, maintaining ongoing support and protecting the lender’s position post sale.
The result:
Margate demonstrates our capability as:
We understand the commercial pressures administrators and lenders face:
Our experienced in house team can step in, stabilise sites, correct defects, re engage authorities and deliver schemes through to open market sale.
If you are an administrator, lender or developer facing:
We can work alongside you to maintain momentum, protect value and deliver controlled exits.
We’d love to hear about your site or project. Whether you’re exploring a potential land sale, seeking a development partner, or simply curious about what’s possible, we’re here to help with honest advice and a free land appraisal.
