Bank takes control of prime student site

Northern Ireland-based developer Tara House's proposed £56m hotel scheme in Liverpool has been put into receivership by the Bank of Ireland.

Bank of Ireland agreed in November 2006 to fund the development of two hotels containing a total of 270 beds and 113 post-graduate studios in Oldham Street within the university district.

The project was designed by Liverpool-based architect Falconer Chester Hall. There would also have been a basement car park of 247 spaces.

The scheme was awarded planning permission by Liverpool City Council in 2010. Hotel brands Super 8 and Ramada Encore were linked with the scheme. Work was due to start in 2010 and be completed in 2012 but the project failed to materialise and the site remains derelict.

Andrew Marsden and Declan Flynn at surveyor Lisney in Belfast were appointed official receivers and are marketing the site for sale. Law firm A&L Goodbody in Belfast advised Bank of Ireland.

The Oldham Street site was pledged to Bank of Ireland by Tara House Liverpool in support of a guarantee of debts to a sister company Planet Development NI, which is now in administration, being handled by KPMG Belfast.

All parties declined to comment.

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