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The future of a development of student flats in Cardiff has been thrown into doubt as the company behind the plans has gone into administration.

Mederco (Cardiff) Ltd had been given permission to build 350 studio-style student apartments and a new community centre on the site of the Mynachdy Institute.

But the company could collapse due to delays in starting construction work on the five blocks of flats, according to reports on Companies House.

It is estimated the company owes £6.46million to its main lender and £9.26m to its unsecured creditors. More than 100 people have put down deposits ranging from 25% to 75% of the purchase price of each unit of accommodation.

The Mynachdy Institute site could now be sold to pay off some of the company's debts.

Cardiff council's Planning Committee approved Mederco (Cardiff)'s application to build the student flats in February 2018, subject to conditions which would have had to be met before construction could take place.

Construction was due to start that month and for the development to be finished last August.

But a report by the company's administrator says Mederco (Cardiff) faced "further delays" in securing the necessary permission to begin the construction of the flats.

That meant construction work had still not been started in January 2019 - despite investors giving the company a deadline of December 31, 2018, for the development to be completed and sales of the properties to be concluded.

The company's lender Saving Stream Security Ltd called in the administrators Duff and Phelps following the delays.

Duff and Phelps has said the company does not have the money to build the student accommodation and there are "insufficient funds and assets available to enable the company to be rescued as a going concern".

The administrators are yet to decide what to do with the Blackburn-based company.

But they have said it is unlikely there will be enough money for Mederco (Cardiff) to pay either Saving Stream Security Ltd or its unsecured creditors in full.

It is estimated the company could raise £4,725,000 from selling the Mynachdy Institute land.

Neither the company nor the project has anything to do with Cardiff University.

A spokesman for Duff and Phelps has declined to comment.

Mederco's planning agent has been contacted by the Local Democracy Reporting Service.