Herculaneum Quay New

A CGI of the building

Primesite challenges administrator appointment

The developer has vowed to fight for a resolution after Herculaneumco, its vehicle for waterfront Liverpool residential scheme Herculaneum Quay, was placed into administration with Quantuma following instruction from peer-to-peer loans platform Lendy.

In a statement issued this morning, Lendy said: “Following extensive discussions with the borrower, Lendy has appointed administrators to protect the interests of investors in loan DFL012 (Herculaneum Quay, Liverpool). The administrators are working to maximise the return for investors in this loan.

“In line with our policies, this loan has been suspended from the Lendy platform. We will continue to update investors where possible as the administration of the project progresses.”

The scheme is structurally completed, with a video by developer Primesite uploaded as recently as mid-June showing development manager Phil Livingstone marketing one of the 118 apartments, which he said would be released in phases between September and November this year.

Kerry Tomlinson, director at Primesite Developments and Herculaneumco, said: “The plan for Herculaneum Quay has always been to turn an abandoned, disused site into a landmark development on Liverpool’s historic waterfront. Throughout, we have worked closely with our financial partners on this project, the building is in the final phases of construction with many units completed.

“We are shocked at the sudden news of an administrator being appointed. We reject the validity of this appointment, and have instructed our lawyers to challenge the basis on which it has taken place. Our priority now is to fight for a speedy resolution, so we can provide our buyers and investors with the quality apartments we have worked so hard on.

“The issue with the lender relates only to Herculaneum Quay, so no other projects underway will be affected and all our other developments are continuing as normal.”

Primesite told Place North West in August 2017 during a site visit that work was scheduled for completion by the end of last year.

Other Primesite schemes include Strand Plaza, a conversion and extension of Mersey House into apartments, and The Rise, a key worker/student accommodation scheme.

Although Primesite has been linked with the revived plans for New Chinatown, Place North West understands that is has no financial involvement in that scheme, and that its role was purely as an initial facilitator and adviser.

Your Comments

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Oh dear not again! and linked to Chinatown….Someone needs to get a grip

By Panorama Pete

Sky building missing from this list

By Peter

When these kind of things happen it always seems to be the same ‘suspect’ people involved, if you are investing please ensure you do your research and only invest in schemes led by developers with a good track record. Examples of GOOD developers include X1, Elliot Group.

By Graham

Only invest in schemes where you put down a minimum deposit of 5-10%. if the developer hasn’t got a good enough track record to fund the build with reasonably priced debt as opposed the getting the purchasers to fund through the build, maybe there is a good reason for that. That’s where I’d be focusing my research. Lets be honest on all of those schemes where you pay though the build if there is a dip in the market they’ll be off with your money like a shot.

By BDAY

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