NOTTINGHAM OPAL DEVELOPMENT IN HANDS OF RECEIVER

A report in the Nottingham Post has confirmed that the Opal student accommodation development on St. Peter's Street in Radford is now in the hands of KPMG.

KPMG has been appointed as administrators following the Opal Property Group's failure to re-finance its debts.

Marcus Boocock, writing in the Post on Thursday, 21 March, 2013, reported that students living in the Opal block on St. Peter's Street, have been reassured by the administrators and the university that the block will continue to run as normal.

The £48 million development off Ilkeston Road was opened in the summer of 2011 and is home to 879 Nottingham University students. It is made up of eight buildings, a management suite, a gym and eight light industrial units.

Quoting Marcus Boocock's article: According to its website and signs outside the building yesterday, bookings were still being taken for the 2013-14 academic year.

The article also carries comments from two students living on the site:

"I'm shocked to hear about what's happened.

"I like it here. It's in a great location, near to the bus stop to get into town and to get to campus as well. It has everything you need."  [Paul Terry, aged 18]

"I'd recommend it to any students in future years. It's a really good place to be." [Adam Lamb, also aged 18]

KPMG has said that it will produce updates on situation as its analysis of Opal's finances proceeds