Elliot snaps up stalled Paramount project

The developer has purchased the part-finished site, first brought forward by collapsed developer Pinnacle, with the aim of completing the 448-bed project in autumn 2020.

The site near Liverpool’s Lime Street Station formerly housed an Odeon Cinema which was knocked down in 2010, and was brought forward by Pinnacle Student Developments and Blok Architecture, both of which have since collapsed. Failed contractor PHD1 was attached to the build before it too entered administration in April 2016.

Elliot has now beaten two other bidders to buy the site from Pinnacle’s receivers and is aiming to complete the scheme as planned.

The partially-built scheme is already occupied in part; a further 120 investors are understood to have purchased apartments in the development, and Elliot Group said it would “protect and enhance their investments by completing the project and instituting a proper management regime for the building”.

“This is the final stalled project in Liverpool to be bought and we’re delighted that we can close an unhelpful chapter,” said Elliot Group director, Elliot Lawless.

“I’ll be writing to the existing investors in the project to keep them abreast of our plans once we have a clearer picture of what is required.  The building is in good hands now and I want to reassure them that we’ll be working with them proactively, going forward.”

The scheme is one of a series of high-profile stalled sites, some of which are now being invested by the Serious Fraud Office, along with another of Pinnacle’s sites in Manchester.

Elliot Group purchased a stalled scheme on Pall Mall in November, which had originally been brought forward by North Point Global. Two more Pinnacle schemes – The Quadrant and Victoria House – were both also purchased this year after the Pinnacle SPVs for each site were placed into administration.

In the case of The Quadrant, the Pinnacle SPV owed investors £12m, while at Victoria House, investors were owed £2.2m. The latter is now being brought forward as a co-living scheme by Oakstore, while The Quadrant has been bought by MCR.

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This is great news, given Elliot’s track record. It’s been a blight for years now. Some light at the end of the tunnel for the original investors, one hopes.

By Sceptical

Top man Elliot.

By Anonymous

Good luck to him. Hope he is as good as his word. Time will tell and there are many people watching. LCC can look forward to over £300k S106 costs that are outstanding too.,

By Carl

Good luck to him. He’s going from strength to strength … my only wish would be that they replace that cladding with something different

By Hope

Sceptical …the 300 remaining investors that didn’t get their apartments have lost out massively.
Existing leaseholders are fine. It had to happen though.
This is good news, it is a long time coming BUT be cautious in believing Elliot to be the messiah. It isn’t proven yet

By Tony

Super smashing lovely.

By Allan

shame the messiah is not helping at Fox Street Village where he set up and cashed out from investors deposits for over 1 million.

By unpaid investor

488 units

By Adam

Mustn’t forget the original developer is still at large. Millions and millions of pounds have gone missing across all of the schemes they were involved with and nothing has happened. Set up business in other names in Manchester and enjoying the Spanish sunshine whenever they want. When are we going to see some action from the serious fraud office?

By Tony

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