Property valuations and disposals firm Pantera Property, has been appointed by the joint administrators of two further Elliot Group development schemes in Manchester and Liverpool, after completing a rescue deal to sell the stalled £100m Aura student accommodation development in Liverpool for an undisclosed sum.
A consortium of the Aura project’s original investors will now restart work on the 1,000-bedroom development after receiving approval for the sale from the High Court this month. The Aura scheme, along with two further Elliot Group schemes, was placed in administration in March after allegations of fraud and corruption against the company’s founder Elliot Lawless.
On behalf of joint administrators from David Rubin and Partners, Harrogate-based Pantera Property, with Lambert Smith Hampton, are working to sell the Elliot Group’s Infinity scheme in Liverpool and the Residence development in Manchester.
Construction began on the £250m Infinity project in March 2019 and the scheme comprises three towers and 1,000 apartments close to Liverpool’s waterfront. The £70m Residence project in Salford is a mixed-use development made up of a 15-storey and a 34-storey tower.
Tom Snook, managing director of Pantera Property said: “It’s really good news that the sale of Aura to the scheme’s investors has now completed. It ensures both a positive outcome for creditors and the future of this student accommodation development in Liverpool’s Knowledge Quarter, which will doubtless be a considerable economic asset to the city once it is up and running.
“Infinity and the Residence are also great schemes in excellent North West city locations and, working closely with the joint administrators, investors and creditors we are confident of securing sales for both projects so that the build-outs are resumed and these two developments can reach completion.”