Investor group takes control of 1,000-home Liverpool scheme
A group of investors in the £250m Infinity development has acquired the site for £2.5m, trumping Legacie’s bid, which had been accepted by administrators 12 months ago.
Infinity Developments Propco has bought the Leeds Street site, which has planning permission for a 1,000-apartment development.
The cash element of the deal was £2.5m, with around £3.4m of the originally invested cash carried over. Overall, the deal to acquire the site was valued at around £5.9m, according to Begbies Traynor’s latest report.
The former Elliot Group scheme – comprising three towers and reaching 38 storeys at its tallest point – stalled in 2020 and administrator Begbies Traynor was appointed to find a buyer for the plot.
In October 2021, Liverpool-based developer Legacie exchanged contracts for the site.
However, Infinity Developments Propco – whose directors are Cormac Murphy, Audrey Odell, Paul Roberts, and William Sutherland – submitted a last-gasp bid for the site later that month.
A court hearing earlier this year approved the sale of the site to the investor group after the administrator decided the offer represented the best value for creditors.
The consortium is made up of 212 of the original 273 Infinity investors.
Investors that chose not to be a part of the consortium that ultimately acquired the site will receive £965,000 between them, around 18% of their original investment, according to the report.
Are they building the original scheme then? Or has it now changed?
By mike
This was originally for apartments, not student accommodation…
By Liverpolitis
You are correct and the change has been made. Thank you, Dan
By Dan Whelan
So do we know when they will start building? Has there been a date set for start of construction?
By David
Brilliant, stops the march of the usual suspects
By John
Please can this get built already, ideally with a few extra floors added. That photo alone shows the amazing views and potential of that area to be a highrise desirable and successful extension of the city centre providing homes and much needed jobs instead of surface carparks and decrepit industrial buildings
By GetItBuilt!
If it is getting built will they still be able to use the already constructed 3/4 floors of concrete structure which has been open to the elements since 2020 , should certainly speed things up if they can.
By Anonymous
Higher please
By Milehighclub
The figures don’t seem to add here…£2.5m for a 1,000 unit scheme with planning offering best value for creditors? Must be £2.5m plus taking on some liabilities of the scheme to pay creditors…in which case it’s not really £2.5m. The land value alone of that site must be worth over £2.5m. It’s really difficult to trust the figures in any of these articles as often they don’t tell the full story…understandable as there’s probably a lot of market sensitive info in the deal…but please don’t tell me that a site such as this was sold for £2.5m…that’s disingenuous reporting
By Anon
Hi @Anon, thanks for your comment about the figures. I’ve added a link to the full report and made adjustments to clarify the terms of the deal to help prevent confusion. Thanks again.
By Dan Whelan
The height of the scheme is likely constrained by proximity to Anglican Cathedral / Grace Buildings – I was surprised they managed to get 38 storeys signed off – Another rejected project included a 50-storey mixed-use development in a similar location that was shot down due to ‘dominating its surroundings whilst in proximity to the Anglican Cathedral’. Let’s hope it manages to keep 38 and the planning consent doesn’t lapse.
By Anonymous
The Towers look like council flats.
By DH
re 3.05pm 38 floors is fine, also, nearby, the Ovatus scheme has permission for 48 floors.
I think the 50 storey tower you are referring to maybe the Brunswick Tower by Simpson, alas knocked back some years ago by the Secretary of State , Kelly.
By Anonymous
Bearing in mind the current economic climate. If this group does go ahead (unless they try to sell the site on?) should they consider just building two towers around 50 storeys each to make it work, perhaps include a hotel in one of the buildings and some commercial space in the other?
By Just saying
Won’t be any taller than 38 floors if that and that’s enough. What’s the point of any taller than that.
By Anonymous
To make it viable and ensure ROI for the scheme, two towers less effort than three?
By Just saying
As a nearby neighbour I cannot wait for this to get out of the ground (above 3rd floor height) which will hopefully add stimulus to Pall Mall and other slow burn opportunities to develop south of Leeds Street in particular.
By NB
Pretty sure the S106 on this was never signed and therefore there isn’t actually any planning consent in place. The comedy of errors on this site was only compounded by the Council validating and discharging conditions, despite the fact the permission was never actually granted.. The (not)consented scheme wouldn’t be granted today as it would conflict with the newly adopted Local Plan. The result is that the new owners will need to go back to square one. The previous scheme receiving an approval subject to S106 will be nothing more than a material consideration – which will carry significantly less weight in light of the changes in the development plan.
By Anonymous
Great at least it’s not SQUARE and DULL
By Anonymous