Michelle Elliot and Angus Carmichael, of FRP Advisory, were appointed joint administrators to Marturano Homes Houston Limited after the company fell behind on its financial obligations.

According to the administrators’ latest report, the company’s principal asset – a development site in Greenock with planning permission for 22 flats and associated parking – has now been sold following a marketing process.

The site, located on Houston Street, was marketed by Graham + Sibbald with the benefit of an extension to its planning permission.

The administrators said: “The company’s sole asset is undeveloped land located in a mixed residential and commercial area of Greenock and comprises a proposed residential development site with planning permission in place for 22 flatted dwellings and associated car parking.

“Graham + Sibbald marketed the land for sale with the additional benefit of planning permission extension.”

An initial sales process concluded in December after only one offer, which administrators described as being “significantly under valuation”, was rejected. The property was subsequently remarketed in April, attracting renewed interest before a cash offer was accepted.

The administrators said in their July report: “At closing, a cash offer was received, supported by proof of funds with completion proposed within six weeks.”

Marturano Homes Houston Limited was incorporated in November 2022 to develop residential property and acquired the 0.35-acre Greenock site the following month, The Herald reports.

However, despite securing land with planning consent already in place, no construction work commenced before the business entered administration.

Earlier reports noted that lender Crowd Property Limited held security over the site, with outstanding borrowing of around £285,000 at the time of the administration.