Irish eyes close in on Albany Building

Savills is close to securing a sale of the remaining 60 units in Albany Assets' liquidated Albany Building, Liverpool, to unnamed buyers on behalf of the receiver Ernst & Young and the banks.

The historic Old Hall Street building's special purpose vehicle was put into liquidation last spring by banks Kaupthing Singer & Friedlander and HBOS following a High Court battle with contractor David McLean over payments for work.

The legal dispute centred on an outstanding payment of £280,000 from Albany to David McLean.

David McLean filed a winding-up petition against Albany, but Nisbet planned to counter-sue David McLean alleging the work was late. The counter-claim case was never heard because the banks decided to move to reclaim debts on the project.

Rob Sumner, residential agent at Savills in Manchester, is close to securing a deal with an Irish developer-investor to acquire the remaining apartments en masse.

The building's 123 units have sold slowly but surely with individual deals continuing during liquidation. Two penthouses were bought for in excess of £400,000 each only last autumn.

Separate receivers Fisher Partners recently sold Nisbet's other previous Liverpool asset, nearby Irwell Chambers, to an undisclosed developer for £5m.

He is now concentrating on his high-rise Albany Crown tower in Manchester where talks with hotel operators are ongoing.

No-one at Savills was immediately available for comment.

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