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.
