MCR restarts stalled Liverpool project
The developer has kicked off work on The Quadrant, a part-built site it acquired from collapsed developer Pinnacle earlier this year.
The 85,700 sq ft development on Shaw Street was left part-finished after contractor PHD1 and developer Pinnacle Student Developments entered administration in 2016 and 2018 respectively.
MCR has rebranded the site as Unity Square, and is now on site delivering a £17m, seven-storey scheme providing 240 single-occupancy rooms for students, after acquiring the site in January. The bedrooms are arranged in clusters of six and seven bedrooms, while there are also a number of studio apartments.
The developer is looking to complete the scheme in time for the 2019/20 academic year, which begins in September.
Nick Lake, asset manager at MCR Property Group, said: “Unity Square is designed to meet the demand for high quality student accommodation among Liverpool’s significant university populations.
“Since our acquisition of this development, we’ve been working hard in conjunction with the council to bring the scheme to fruition quickly and with little impact on local residents during the build phase.
“Once completed, prospective Unity Square residents will benefit from living in the heart of an established mixed-student area, in close proximity to local amenities, key university locations and Liverpool’s world-famous city centre. We can’t wait to welcome our first tenants.”
Pinnacle Student Developments collapsed in January last year, owing £12m to creditors. The company is linked to other Pinnacle companies, one of which is now being investigated by the Serious Fraud Office, while Pinnacle is also linked to convicted conman Tony Freeman.
The Quadrant sale represents the third stalled Liverpool development to be taken on by new owners in recent months, with former North Point Global Group developments in Pall Mall and Norfolk Street being purchased by Elliot Group and Crossfield Exclusive respectively.
Although no target price was divulged when the sale process was started, Mills’ statement of affairs estimated the value of the land at Shaw Street at £1.9m, while the “works undertaken” at the site were valued at £8.5m.