Less than a month after the collapse of Pinnacle Residential Liverpool, administrators have put one of the failed developer’s projects on the market – a 70-apartment scheme at Victoria House on James Street.
Administrators from Dow Schofield Watts were called in to the company last month, a special purpose vehicle of Pinnacle Alliance, which continues to trade.
The company was set up to deliver the scheme at Victoria House, which included the conversion of the upper floors of the building on James Street into flats.
The developer had already sold a number of the apartments off-plan, with studios priced from £66,250; one-bed flats priced from £84,610; and two-bedroom flats priced from £161,400. Around 40 of these were sold off-plan in total, at a combined cost of £2.2m.
Brochures marketing the project overseas suggested it would complete by the end of 2017, but very little work has taken place.
Like a number of other Pinnacle projects, Goodwin Construction was originally attached as contractor for the scheme but is understood to be no longer involved.
Plans to open a Wetherspoons pub on the ground floor are unaffected by the development of the building above, and will not be impacted by Pinnacle’s collapse.
Director Carl Mills is listed as Pinnacle Residential Liverpool’s sole active director at Companies House. Mills is also a director at Pinnacle Angelgate and Pinnacle Student Developments Liverpool, which have both also entered administration in the past six months. Convicted conman Tony Freeman has been linked to the Angelgate development.
Lisa Moxon of Dow Schofield Watts said: “Since being appointed in April, we have corresponded with all of the investors, creditors and the buyers’ security trustee company. There are insufficient funds available to complete the development.
“Our strategy is to market the property for sale in order to achieve the best sale price with a view to maximising returns to the company’s creditors and the buyers’ company. Due to the fantastic location of the property, we are anticipating a high level of interest from potential purchasers.”
The administrators have instructed Eddisons to market the property.