Infinity CGI April 2017 2
The project comprises three residential towers close to the waterfront

Crunch time for ‘complex’ Infinity transfer

Sarah Townsend

Administrators for the £250m residential scheme in Liverpool have given its developer Elliot Group a deadline to reach a deal to transfer ownership of the scheme to creditors.

A statement from the developer’s founder Elliot Lawless said the proposed deal was “complex” but that ongoing discussions with Infinity investors are “constructive”.

“This is a complex negotiation and our core objective is to protect the interests of the scheme’s creditors,” Lawless said.

“Many of the creditors backed Elliot Group on numerous of our previous schemes and helped us deliver more than 2,500 homes, so we are not about to walk away from them.”

He added: “Our discussions are constructive, and we hope to conclude them shortly.”

Infinity, a three-tower residential scheme close to Liverpool’s waterfront, was one of three Elliot schemes to which administrators at David Rubin & Partners were appointed in March.

The schemes – which also included the £100m Aura student scheme in Liverpool’s Knowledge Quarter, and the £70m The Residence apartment project in Salford – had stalled in the months following Lawless’ arrest on 18 December along with Nick Kavanagh, head of regeneration at Liverpool City Council, on suspicions of fraud.

Both men were released on bail and no charges were brought, although a police probe is still ongoing.

Last month, Elliot finalised a deal with Aura investors to gift the property’s freehold to them, bringing the stalled project out of administration and enabling it to complete.

Under the arrangement, a neighbouring piece of land will also be transferred from Elliot Group to the investor consortium to guarantee that the scheme can progress.

Lawless said at the time he was seeking a similar deal with creditors of the other two schemes that remain in administration.

 

Your Comments

Read our comments policy here

They shouldn`t have been started in the first place. Just the same as can be seen in Manchester, Leeds, Birmingham, or anywhere. Why does Liverpool have to keep up with the Jones`s?

By Bixteth Boy

Elliot Group clearly made a terrible mess of this, but…, have you ever dined at Panoramic 360? If you have you’ll know that the views from that height in that location in Liverpool are absolutely breathtaking. You see the whole of Liverpool Bay before you, the Mersey the Dee, out into the Irish Sea with the Welsh hills as a glorious backdrop. The views really are incredible!

By Red Squirrel

Lets face it, most of the flats in these developments in all northern core cities are little more than asset safety deposit boxes for middle ranking Chinese and Arab officials…desperate to get whatever siphoned off money they can into a stable democracy.

By Old Hall Street

They could have made perfect grade A office space with a little bit of ambition, and real developers

By #officesmatter

I thing these would make a brilliant addition to the Liverpool skyline.

Stalling is not really Elliot’s fault.

Agree that Liverpool needs more office space! Should be located mostly near Moorfields and CBD thought and near to every train station.

By Chris

I think they look really Gangstar!! Yeah!

By Anonymous