Ascot puts £54m Liverpool development site on the market
The former Bogan’s Carpet warehouse off New Bird Street is up for sale with CBRE appointed to find a buyer for the plot, which has planning permission for a residential scheme.
Ascot Luxury Living secured planning permission for the Liverpool project earlier this year at the second time of asking following an earlier deferral by members amid concerns about affordable housing.
Ascot successfully argued that £5m of abnormal costs associated with the development rendered it unviable and that it could therefore not support the council’s aspiration of 20% on-site affordable provision.
The Falconer Chester Hall-designed scheme has a gross development value of £54m and comprises a 10-storey block of 194 apartments overlooking the proposed Baltic Station.
In a post on LinkedIn, Ascot founder and chief executive Terry Riley gave a clue as to what the proceeds from the sale would be spent on.
“Ascot Capital are currently looking to buy distressed bank debts/loans secured on freehold properties and development sites,” the post said.
“We are also looking for new residential development opportunities in Liverpool, Manchester, Cheshire, Sefton and West Lancashire areas.”
Plans for the scheme were submitted to Liverpool City Council by planner Broadgrove Planning and Development.
Those interested in the application can view it using the planning reference number 16F/2922 on Liverpool City Council’s planning portal.
Surprise, surprise
By Cilla Block
Didn’t see that one coming!
By Abots
Is this unexpected, as this locally run company effectively buys land or property then applies for planning permission and sells the asset, nothing illegal but it don’t half slow down the pace of development in Liverpool.
By Anonymous
Another non starter at the races
By Jockey Club
A familiar path for Ascot, but does nothing to bring forward development in Liverpool.
By Anonymous
Such a shame to see this sit undeveloped for even longer. It would be good to see the development at 8 Water Street completed as it’s become a massive eyesore.
By Hardy Laurel
There will be no green left on the planet soon, building concrete, making millions, and all fir the illegal immigrents who are being given everything whilst young people in this country are huddling in corners without food or a roof, NO they are not Drug addicts, they are homeless and destitute, try helping them for a change.
By Mal
@ Mal, this is a brownfield site not a green area, Liverpool has street sleepers like most other big cities in the UK plus Europe, and beyond.
Don’t know if you noticed recently but Liverpool said they were allocating millions to enable currently empty homes to be brought back to use. Another issue too is that many street homeless prefer that life, believe it or not, and don’t want the homes they’ve been offered.
Meanwhile Liverpool has to move on and rebuild itself and boost the population, and get the jobs here to sustain itself, we can’t stand still, as if so we fail.
By Anonymous
Hate this!! Further delays for grot spots helped by Liverpools own! They’re an embarrassment! Shame we just can’t give everything to Romal and Legacie, at least they get things built!!
By Anonymous
Mal, I’m not sure what an article about a private landowner selling their land has got to do with illegal immigration and rough sleepers but I’m glad you got things off your chest.
By Anonymous
Don’t know what the fuss is about.
They have spent money securing planning permission and looks like they have decided to sell…….which is allowed isn’t it.
If Liverpool is on the up like the council are saying, then this should be a nice approved development for someone to get straight to work on.
By Anonymous
Ascot buy & sell sites, they don’t get involved in developments, they fund sites for developers
By Paul Joyce
@ Anon 6.26pm, you say Ascot has decided to sell, as if it was a one-off, but it’s not, as that’s all they seem to do. Just look at the date of the original planning application, it’s 2016 which is 9 years ago, that’s 9 years when a proactive developer might have got something built by now.
You are correct though to say this is nothing illegal but Liverpool suffers because we have so many landowners sitting on sites that look an absolute mess of overgrown vegetation and litter, when really they should be being used for something better.
By Anonymous
Fair play to Terry Riley. He took a big risk and spent big bucks putting all this together and if his commercial judgement is that he’s better served selling now, then that’s his business. Good luck to the fella.
By Anonymous
Baltic Triangle does seem to suffer from developers that don’t develop but only want planning permission. There’s the Norton site which got planning and was then put up for sale, then the plans back in 2022 for a multi storey carpark and office on the corner of Greenland St/Jamaica St, and now this one on the ex Bogans site.
By Anonymous
But it’s only what the likes of Peel do. Get planning. Sell the site for a premium. They don’t build.
By Bob Dawson
another prime site
By Anonymous