Lease surrendered on Unity House in Wakefield following company placed into administration
Wakefield-based Unity House Limited, which trades as Unity Works, was placed into administration on 23rd October 2017.
Set up in 2011, Unity Works was been unable to generate sufficient income and, due to ongoing funding requirements, it was been possible to restructure the business. As a result, the board made the decision to place the business into administration.
Now, joint administrators Lee Lockwood and Bob Maxwell of Begbies Traynor have announced that the company has surrendered the lease of Unity House to the landlord.
Over the last three months, the administrators have been liaising with a number of interested parties. However, due to the complex nature of the leases and a build up of rental arrears, it has not proved possible to find a buyer.
As a result, the company’s leasehold interest in Unity House was handed back to the head landlord on 25th January 2018.
Located in Westgate, Unity House is a grade-II listed multi-use space which hosts meetings, conferences and live entertainment events as well as providing office space.
Joint administrator Lee Lockwood commented: “Whilst it will be disappointing for the company’s creditors that there has proven to be no value in the leases, all marketing avenues have been exhausted.
“Therefore, handing back the keys is the correct course of action and will give the incumbent tenants some security about the future of the building.
“To this end, Unity Hall and Business Space Limited will take over the running of the building. This is an entity controlled by the people behind the successful Establishment Bar which already operates within Unity House.
“In addition, we understand that Unity Hall and Business Space Limited plans to bring back conferencing and look to expand the leisure activities at the building with a view to making best use of Unity House for the residents and businesses of Wakefield.
“Free from the historic difficulties faced by the company, the future of the building appears more stable.”