Administrators appointed to the De Stefano Property Group Limited

Administrators appointed to the De Stefano Proper...

The companies hold a portfolio which predominantly comprises retail and commercial properties located across the South of England.

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Jim Tucker and Ed Boyle from KPMG’s restructuring practice were appointed Joint Administrators to the De Stefano Property Group Limited and certain subsidiaries on 17 December 2014.

The companies hold a portfolio which predominantly comprises retail and commercial properties located across the South of England. The principal assets are:

The Brooks Shopping Centre, Winchester – a circa 120,000 sq. ft. purpose built, split level shopping centre, constructed in the late 1980s. The scheme comprises 24 retail units and is anchored by Primark and Beales.

Market Place Mews, Henley on Thames – land assembly for a mixed use development scheme comprising 14 residential units and 16,000 sq. ft. of retail accommodation. The site is an in-fill opportunity created from the gradual acquisition of conjoined assets and external areas of various adjacent properties.

East Street, Southampton – a 2 acre site comprising cleared development land with planning permission for a new 60,000 sq ft Morrisons Supermarket with two floors of car parking above. The site also includes a partly vacant office block known as Capital House and a public house.

54 – 62 High Street, Bromley – comprises a parade of ground floor retails units with residential and ancillary accommodation above.

10 – 12, 64 – 88 Brewery Road, Kings Cross – a fully let terrace of seven 1970s industrial units with ground floor workshop/warehouse space and first floor office accommodation.

Angel Walk Shopping Centre, High Street, Tonbridge – a covered 1980s shopping centre comprising 11 ground floor retail units with storage facilities at first floor level.

Jim Tucker, partner and joint administrator at KPMG, said: “In recent years, the value of the portfolio in relation to the security has fallen such that the appointment of administrators was necessary. We will be working with the asset managers of the properties and the KPMG Real Estate team to improve the rental income across the portfolio so as to maximise its value. We envisage bringing the assets to the market in the short to medium term.”

Any queries related to the properties should be directed to Graham Peat.( / 020 7311 3187)

Any other queries related to the companies should be directed to Imran Mirza. ( / 0207 311 2517)


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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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