Developer of luxury Salcombe flats goes bust after losing appeal against residency rule
Developer Valentine London has been declared bankrupt after an appeal against a mandatory principal residency clause failed. Four newly built flats in the British coastal town of Salcombe, initially listed for £1.2 million, remained unsold for more than a year as a result.
The High Court wound up the company following a petition from British tax authority HMRC, after it had become insolvent. The developer had tried in vain to have the rule scrapped, which is meant to deter second-home owners in the coastal town. The planning authority upheld the condition because it is intended to restore the balance with the many holiday homes in Salcombe.
The flats are now back on the market, under the administration of Strettons Receivers, through estate agent Luscombe Manor, priced at £750,000 and still subject to the residency requirement.
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