Buyer sought for stalled Liverpool scheme
Marsh Lyons has been appointed to find a buyer for a site off Salisbury Street where work on a 70-apartment development has ground to a halt.
International Property Investments won planning permission for the Liverpool scheme in 2017 before Mount Property Group became involved.
Designed by Snow Architects, the proposals comprised nine studios, seven duplex studios, 41 one-bedroom apartments, and 13 with two bedrooms together across two linked blocks, as well as 56 undercroft parking spaces
Since planning consent was secured, progress on site has been slow and work stopped late last year, followed by the appointment of Marsh Lyons as LPA receivers this month.
Lender Phoenix Money appointed the receivers to Browside Ltd, the special purpose vehicle delivering the project that is headed up by MPG chief executive Michael Chrysokhou.
The failure of Mount’s Brow Side development follows another high-profile collapse for the troubled developer, whose £45m Natex student scheme collapsed into administration mid-build.
The 574-flat development was acquired out of administration and completed by Blacklight Capital Partners.
Last year, Liverpool City Region Mayor Steve Rotheram said Liverpool must tackle the scourge of stalled sites that plague the city as part of a three-step plan for a brighter future.
This was looking good for Mount but sadly they couldn’t complete. This is just one of a number of stalled or never started projects in the Everton/Kirkdale area that need to happen. Scotland Road, especially, could be vibrant again but too many cowboys are sitting on land, both with and without planning permission, and holding that part of the city back.
By Anonymous
This looked like a great scheme too. Let’s hope a more reputable developer picks it up and gets it finished.
By Anonymous
What happens with existing investors who were hanging on this for 6 years
By Rtall