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Castlemore administrators to sell coal site

Castlemore administrators PricewaterhouseCoopers are looking to offload a 1,300 acre site near Talywain in South Wales, dubbed “The British”.

The site is a brown-field site previous used as a colliery and steelworks, and includes an estimated 36,000 tonnes of coal for extraction by open-cast mining, and the subsequent development of the site for residential purposes.

Castlemore went into administration in February of this year.

It is thought the site could accommodate 800 homes, and is included in planning documents as a General Development Area.

PwC real estate partner Barry Gilbertson said: “‘The British’ has great potential for profit over time from a range of property development and mining activities, so it seems to be just the right kind of property to be marketing at this stage of the recessionary cycle. Given the strong interest already registered in The British, we expect there will be significant competition from a range of well-funded and experienced bidders”.

PwC partner and joint administrator of Castlemore Matthew Hammond said: “Since our appointment, we have been greatly encouraged by the extensive and persistent interest in the better-known Castlemore properties, and in this site in particular.

“We want to be very clear that this is a structured sale designed to appeal to those developers who are excited by the opportunity and who believe that they can add value to this site and formulate considered proposals. We are undertaking no other marketing of sites from the Castlemore appointments at this time.”