Kenmore, Scottish Developers, Edinburgh, Image, Architect, Design, Building, News
John Kennedy – Edinburgh Property News, Office Development Scotland
page updated 12 Jul 2016 ; 14 Nov 2009
Kenmore Property Developers
Kenmore Property Developers News
One of Scotland’s best known property developers had met its end reports The Scotsman.
Administrators are Grant Thornton
John Kennedy, the 58-year-old founder of Kenmore Property Group (KPG) had toasted many deals over the past 23 years, usually in the swanky surroundings of Oloroso, the Edinburgh restaurant by Richard Murphy Architects (Project Architect: Adrian Welch) above KPG’s offices on Castle Street.
Lloyds has agreed to extend emergency funding so that the firm can continue to trade as a going concern.
For weeks, the property sector had regarded the collapse as a virtual fait accompli after lawyers were called in by the developer’s backer, Lloyds Banking Group, in the summer.
The developer was one of several well-known Scottish property heavyweights whose success over the past few years had been fuelled by Peter Cummings, the former HBOS banker with an appetite for throwing money at property-backed ventures.
Peter Cummings left after the takeover of HBOS by Lloyds in 2008. However, it is estimated that Lloyds Banking Group inherited property loans and investments of around 70 billion from the deal.
After the £350m HBOS-backed Silverburn shopping centre in Glasgow was forced onto the market in September 2009, speculation has been mounting about Lloyds’ inherited commercial property book.
Many property experts anticipate that now both Lloyds and Royal Bank of Scotland have a clearer idea of their future structures follow this month’s rulings by the European Commission, the long-awaited distressed sales may finally emerge.
Rumours are already spreading that another heavily HBOS-backed property developer is on the verge of collapse. As one source said: “One of them is already dead in the water.”
27 Jan 2007
Kenmore property portfolio expansion
270107 – KPG founded by John Kennedy has expanded it property portfolio to over £1bn and increased its profits by 124% to over £36m in the year to July 31 2006.
Five European acquisitions totalling £133m, across Scandinavia and Holland have been announced.
KPG purchased the Skypark Glasgow for £90m in a joint venture with Paradigm and Moncreiff Minerva, and sold the Sentinel building in Glasgow for £38.5m.
KPG sold Citypoint in Edinburgh for £18.5m. They are currently developing Westport.
KPG has expanded into Dubai (UAE), Germany, Finland and Sweden. They are already present in four European countries: Belgium, France, Holland and Norway.
Kenmore Development : West Port House, Edinburgh – design by Michael Laird Architects
Kenmore : Sentinel building, Glasgow – design by gm+ad architects
This office project by Gordon Murray and Alan Dunlop Architects is located in Glasgow’s International Financial Services District. The building won a BCO Award for the Best Commercial Workplace.
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Kenmore Developers, Scotland – Buildings : page[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]