Crunch time for ‘complex’ Infinity transfer
Administrators for the £250m residential scheme in Liverpool have given its developer Elliot Group a deadline to reach a deal to transfer ownership of the scheme to creditors.
A statement from the developer’s founder Elliot Lawless said the proposed deal was “complex” but that ongoing discussions with Infinity investors are “constructive”.
“This is a complex negotiation and our core objective is to protect the interests of the scheme’s creditors,” Lawless said.
“Many of the creditors backed Elliot Group on numerous of our previous schemes and helped us deliver more than 2,500 homes, so we are not about to walk away from them.”
He added: “Our discussions are constructive, and we hope to conclude them shortly.”
Infinity, a three-tower residential scheme close to Liverpool’s waterfront, was one of three Elliot schemes to which administrators at David Rubin & Partners were appointed in March.
The schemes – which also included the £100m Aura student scheme in Liverpool’s Knowledge Quarter, and the £70m The Residence apartment project in Salford – had stalled in the months following Lawless’ arrest on 18 December along with Nick Kavanagh, head of regeneration at Liverpool City Council, on suspicions of fraud.
Both men were released on bail and no charges were brought, although a police probe is still ongoing.
Last month, Elliot finalised a deal with Aura investors to gift the property’s freehold to them, bringing the stalled project out of administration and enabling it to complete.
Under the arrangement, a neighbouring piece of land will also be transferred from Elliot Group to the investor consortium to guarantee that the scheme can progress.
Lawless said at the time he was seeking a similar deal with creditors of the other two schemes that remain in administration.