BT puts Liverpool letting on ice

A development site in South Liverpool, linked to the collapsed Manchester-based minibond fund that left investors owed more than £40m, has been sold for £1.2m as receivers work through the web of affiliated special purpose vehicles to recover money.

Publishing business Reach has paid £15.5m in penalties for missed deadlines to Dubai investor Select Group, its partner in the development of its former base in Old Hall Street.

The telecommunications giant, tipped to take space at Kier Property and CTP’s £200m Pall Mall scheme, has reduced its requirement in the city to 80,000 sq ft, from 100,000 sq ft. 

Hear from Ellandi, Savills, Kampus, CWAC and others as they debate the future of town centres at this special interactive Place North West event with networking, panels and presentations next week.

The developer is close to securing funding from the Liverpool City Region Combined Authority and Merseyside Pension Fund to build a 34,000 sq ft office development in Wirral Waters.

The arrival of September signals the end of the Government’s Eat Out to Help Out scheme. The initiative, designed to boost restaurants’ revenues at a time of reduced footfall, has been widely praised by commentators, although there are still concerns over the future of the sector amid the uncertainty caused by the pandemic. 

The developer has acquired the 90,000 sq ft Elevator Studios, a hub for creative start-ups in Liverpool’s Baltic Triangle, for an undisclosed sum. 

The city council’s quest to put an end to its issues around development funded by fractional investment takes its next step on Friday, with the cabinet asked to endorse changes including ramping up financial due diligence and restricting the release of council sites.

The Liverpool-based hotel developer said it has reached an agreement with investors that could see the firm buy back assets placed into administration this year, and intends to open four more hotels “within the next six months”.