Thornfield Properties - a response from the City CouncilThe City Council has been informed that Thornfield Properties, the Council's development partner in the Silver Hill scheme, has been placed into administration. We understand that control of the company has been taken by its bank, Lloyds Banking Group. The bank has appointed a major national property company to review the schemes that Thornfield was bringing forward. We have no information on their view of the Silver Hill project at present but will have discussions with the administrator and its advisors as soon as possible.
Cllr George Beckett, Leader of the City Council said: "The Silver Hill scheme is of high quality and Winchester is an attractive retail proposition, but we have been well aware of the risk posed by the effect of the current recession on the commercial property market across the country. I am very disappointed by this news but it does not mean the end of our ambitions for the much needed regeneration of this area of our City. It is too early to speculate on what will happen next but we will review all of our options. I will be making a further statement to the Council at its meeting on Wednesday 13th January."