Legacie buys another Elliot scheme
A 488-room student accommodation development on London Road close to Liverpool Lime Street Station has changed hands.
Elliot Group has confirmed the sale of Exchange, formerly known as Paramount, to investor and developer Legacie.
Elliot Group purchased the partially-completed Paramount student halls in July 2019 from administrators. The scheme was previously being brought forward by Pinnacle Student Developments.
“It’s fair to say that this was one of our more challenging projects,” said Elliot Group founder Elliot Lawless.
“When we acquired the building, its cladding had essentially been condemned, post-Grenfell, the roof was so leaky the basement had flooded and we needed to retrofit a sprinkler system. Everything has now been put right and passed by the council’s building regulations team.”
The development is now almost fully let to students for the autumn term, according to Elliot Group. The 150 basement car parking spaces are let to NCP.
Legacie’s acquisition of Exchange from Elliot Group is the latest in a string of deals involving the two parties.
Earlier this year, the developer took control of a stalled residential development on Falkner Street.
In October last year, Legacie exchanged contracts on two former Elliot Group projects, the £250m Infinity in Liverpool and the 300-apartment The Residence in Salford.