Uncertainty over future of Parliament Residence  

The second phase of the 145-apartment scheme in Liverpool’s Baltic Triangle has been placed into receivership after work stalled in November. 

LPA receiver David Currie & Co has been appointed to recover a charge lodged by investor Collateral Investments from AC Parl Street 2, the special purpose vehicle set up by developer Assetcorp to deliver the project, according to a Companies House filing. 

David Currie, director at the LPA receiver, told Place North West his company had been instructed to find a buyer for the site to recover Collateral’s investment. 

Several stakeholders have contacted Place North West in recent weeks to express concerns about money they are owed by the developer in relation to the stalled project. 

Place North West first approached Assetcorp for a response in November to reports of a cessation of activity at the site. The developer said at the time: “The site has temporarily been suspended due to health and safety concerns arising from Covid-19. We expect the site to be up and running as soon as possible.”

However, the site has yet to reopen and Assetcorp has been contacted for comment on the news that an LPA receiver has now been appointed. Currie declined to provide a statement on behalf of Assetcorp. 

The second phase of Parliament Residence was being built by Abodus Construction, a subsidiary of Assetcorp. 

It is part of a larger scheme, designed by architect Falconer Chester Hall, which includes a stepped-height eight- and 11-storey building containing 145 one- and two-bed apartments.

The developer has already delivered the first phase of the scheme, which had sold out ahead of completion as of February 2018. This first phase was built by Goodwin Construction and project managed by consultancy Avison Young.

The project team for Parliament Residence also included M&E Abacus; cladding firm BAK; curtain walling contractor WDS; structural engineer Clancy; fire consultant OFR, and approved project inspector Quadrant. 

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Yet another failed development in Liverpool owing investors. These headlines do not fill me with confidence any more than they will new investors around the world when they see them.

By Wirralwanderer

Here we go again!

By George

Large body of investors now left high and dry by the developer and the LPA receiver who undersold the asset at haste before allowing investors the chance to complete the project. Liverpool not gaining a great reputation.

By Investor

Shouldn’t happen in a First World Country. Where was the governance? Profits at the expense of innocent people should not be possible in law.

By Greed

Worth noting to the investor above, that the site was not openly or widely marketed.

By Local

Possible to be ruthless but ethical? Hopefully some good comes out of this for investors. Can Liverpool turn this around?

By Ethic

Stop LPA Receivers selling failed projects on the cheap from one incompetent developer to another one. Liverpool deserves better and council needs to act

By Campaigner

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