A Scottish housebuilder has collapsed into administration without starting any work on site.
A new report also reveals that the land in Greenock that was earmarked for 22 new homes has now been sold.
Marturano Homes Houston Limited was placed into administration after it fell behind on financial obligations, the administrators said.
Michelle Elliot and Angus Carmichael, of FRP Advisory, were appointed joint administrators.
A land sale process was set up with agents Graham + Sibbald.
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.”
The administrators said a closing date was set for December, but there was only one offer which was “significantly under valuation” and rejected.
Following a relaunch in April, discussions were “had with various interested parties”.
Cash offer
The administrators said in the July 2026 report: “At closing, a cash offer was received, supported by proof of funds with completion proposed within six weeks.”
The administrators said in an earlier report registered in August: “The company was incorporated in November 2022 and specialised in developing property.
“In December 2022, the company secured land comprising 0.35 acres located at Houston Street, Greenock, with planning permission previously approved to construct 22 dwelling flats for onward sale.
“We understand no work has commenced following the acquisition of the land in December 2022.
“Crowd Property Limited holds a standard security over the land in Greenock with their total outstanding debt amounting to be in the region of £285,000.”
FRP added: “The administrators were approached by Crowd due to the company being in breach of their lending agreement by being in default of its loan payment terms by several months.”
FRP has also extended the administration to summer 2027.
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