Receiver selling Applewood Marketplace development project and land in London, Ont

Steve McLean, RENX

Two adjacent development sites in London, Ont., where Phase 1 of the 584-unit residential and retail Applewood Marketplace is nearing completion, have been put on the sale block by a court-appointed receiver.

EY is handling the sale, having been appointed receiver over all the assets, undertakings and properties of Applewood Marketplace Inc.

Construction of the first phase of the north London development was about 75 per cent complete but had experienced a series of delays that added to its costs and eventually put the project into receivership.

Applewood Marketplace consists of a five-storey building with 107 rental apartments, nine rental townhouses and 15,000 square feet of ground-floor commercial space on 2.5 acres at 865 Kleinburg Dr.

However, work at the site had stopped on June 1, according to documents filed as part of the proceeding.