Ex-North Point sites come to market in Liverpool

The Landwood Group is inviting offers for two sites, at Pall Mall and in the Baltic Triangle, having been appointed by LPA receivers.

Landwood said that each site represents an “excellent opportunity for a new developer to submit an offer with the view to take on projects in an area that has seen a surge of investment and regeneration over the last decade”.

Despite market rumours that Baltic House has been sold, Landwood confirmed this morning to Place North West that offers are still being invited for both properties.

Baltic House comprises a part-built mixed use development which was being completed in line with a planning application for 150 student units along with commercial units, communal area and service area. The site sits between Norfolk Street and Brick Street.

The Pall Mall site consists of a 2.6-acre site with planning permission for a four to 18 storey mixed-use development scheme. Some works have already been undertaken in relation to demolition of the old buildings and the erection of a concrete frame building. The site had been promoted by NPG as a £90m, 366-apartment scheme.

There is potential to amend both schemes, subject to obtaining the necessary planning consents.

Michael Fitzpatrick, associate director at Landwood Group’s Liverpool office, said: “Liverpool has experienced a significant amount of both inward and multi-national investment over the past decade and each of these sites give developers the opportunity to invest in the city’s continued expansion.”

The Pall Mall site has consent for 366 apartments

FRP Advisory was appointed as receiver to North Point (Pall Mall) Ltd in June this year, while in the same month Wilkins Kennedy was listed with Companies House as being responsible for Baltic House Development, although a month later documents showed FRP appointed. It has been confirmed to Place today that FRP is acting as receiver on both sites.

In summer 2017, North Point Global Group issued a statement saying that it was to dispose of its property interests, return deposits to investors and cease operations after “being severely damaged by events that have been neither their responsibility  nor within their control”.

Bennetts Cranes, which had worked on the Pall Mall site, had issued a winding-up order against an NPG business. Liverpool City Council had separately launched legal proceedings to regain control of the New Chinatown site from North Point subsidiary China Town Development Company. That site is now being taken forward by Neal Hunter and Jason Oakley’s Great George Street Developments.

In October 2017, North Point Global Group completed a group-level Company Voluntary Arrangement through insolvency practitioner Chamberlain & Co.

Landwood’s client file includes a wide range of private clients, banks, corporate financiers, specialist lenders and insolvency practitioners. The business provides services covering private and commercial agency, valuation, corporate recovery, commercial property management and plant and machinery.

CGI of the scheme formerly proposed for the Pall Mall site