Controversial building plot going to auction after receivers called in
A CONTROVERSIAL plot in the centre of Caernarfon is going to auction after receivers were called in.
The former Marine Hotel site on Ffordd Y Gogledd, Caernarfon has been the subject of several planning applications over the years.
It was most recently owned by developer Malaysian Invest Ltd - with Neil Moir as director.
They started work on a 15 block apartment complex overlooking the Menai Strait, from a planning permission dating back to 2007.
The ‘Gwel Yr Ynys’ development had been investigated by Cyngor Gwynedd to establish the site’s planning status due to the time elapsed and changed policies since the go-ahead for the flats was given.
Last year, solicitors for Malaysian Invest Ltd said that 14 of the 15 proposed apartments had already been sold, “all to local buyers”. They said they had confirmation about planning permission from Cyngor Gwynedd.
But this February receivers Begbies Traynor were appointed for Malaysian Invest Ltd, which was set up in 2019. They were appointed by creditor Watkin Property Ventures Finance - which held charges on the site.
Now the plot is going to auction with Allsop. The auction will take place in The Berkeley, London, on May 11. Estate agent Dafydd Hardy are acting on behalf of the administrators.
Allsop state on the listing that there are two planning consents in place. One is for 15 flats and parking spaces and that “development has commenced”. They said the other is for a four bedroom detached house.
They added: “The property is situated on the north side of Ffordd Y Gogledd. Shops and amenities are available in Caernarfon.
“The world heritage site of Caernarfon Castle is nearby.”
The site has a guide price of £550,000.
Watkin Property Ventures Finance confirmed that the original developer had gone into administration. They said they were looking to take the site to auction on May 11 if it is not sold beforehand.
They added: “We have a number of interested parties.
“The planning is extant on the site so I expect there to be considerable interest at auction.”