The developer has purchased the part-finished site, first brought forward by collapsed developer Pinnacle, with the aim of completing the 448-bed project in autumn 2020.
The site near Liverpool’s Lime Street Station formerly housed an Odeon Cinema which was knocked down in 2010, and was brought forward by Pinnacle Student Developments and Blok Architecture, both of which have since collapsed. Failed contractor PHD1 was attached to the build before it too entered administration in April 2016.
Elliot has now beaten two other bidders to buy the site from Pinnacle’s receivers and is aiming to complete the scheme as planned.
The partially-built scheme is already occupied in part; a further 120 investors are understood to have purchased apartments in the development, and Elliot Group said it would “protect and enhance their investments by completing the project and instituting a proper management regime for the building”.
“This is the final stalled project in Liverpool to be bought and we’re delighted that we can close an unhelpful chapter,” said Elliot Group director, Elliot Lawless.
“I’ll be writing to the existing investors in the project to keep them abreast of our plans once we have a clearer picture of what is required. The building is in good hands now and I want to reassure them that we’ll be working with them proactively, going forward.”
The scheme is one of a series of high-profile stalled sites, some of which are now being invested by the Serious Fraud Office, along with another of Pinnacle’s sites in Manchester.
Elliot Group purchased a stalled scheme on Pall Mall in November, which had originally been brought forward by North Point Global. Two more Pinnacle schemes – The Quadrant and Victoria House – were both also purchased this year after the Pinnacle SPVs for each site were placed into administration.
In the case of The Quadrant, the Pinnacle SPV owed investors £12m, while at Victoria House, investors were owed £2.2m. The latter is now being brought forward as a co-living scheme by Oakstore, while The Quadrant has been bought by MCR.