Hot property sparks sale; ROCK TELLS ESTATE AGENT TO SELL OFF pounds 26m PORTFOLIO

Evening Chronicle (Newcastle, England), June 11, 2008

Byline: By BRENDA HICKMAN Crime Reporter

A PROPERTY magnate's premises are being sold off as part of a wrangle with Northern Rock.

Clark Residential's office in Jesmond, Newcastle, is closing as accountants Deloitte attempt to claw cash for the bank.

The Jesmond Road property is among five commercial and 38 residential sites on offer.

And today the Chronicle can also reveal a second batch of an estimated 59 homes on tycoon Jonathan Clark's books are also now going under the hammer.

The entire property empire is estimated to be worth around pounds 26m. After a financial dispute with the Rock, Mr Clark was informed the bank was taking back the properties.

Deloitte's instructed estate agents Sanderson Young to sell the properties. A spokeswoman. said: "Offers on the first portfolio have to be received by 12pm on June 27." Mr Clark today confirmed the sale of the Jesmond business premises. He added: "I am confidant of a buyer for the portfolio, worth around pounds 26m."

As the Chronicle earlier reported, the 40-year-old admitted he hasn't paid Northern Rock since November last year.

Mr Clark said then: "The whole issue has been triggered by Northern Rock because of changed circumstances over mortgage arrangements."

Mr Clark, of Oakwood Hall, Wylam, Northumberland, said he hoped the matter could be resolved with Northern Rock.

For more details call Sanderson Young on ( 0191) 223 3500 or e-mail janet.hopkinson@sandersonyoung.co.uk A bank spokesman said: "We appointed Deloitte to act on this matter. Issues should be referred to them directly."

CAPTION(S):

SOLD OFF Clark Residential Jesmand Road;; DISPUTR OVER PROTERTIES Accountants Deloitte are forcing Jonathan Clark to sell up