Developer In Move To Rescue Stalled Apartment Projects
A series of stalled apartment developments across the north west of England are set to be rescued by new deals negotiated by developer Elliot Lawless.
Mr Lawless and his Elliot Group have been involved in a series of major projects in his native Liverpool and other locations across the region, but a £250 million scheme in Liverpool and a £70 million project in Salford ran into difficulties after he was arrested last year as part of an investigation into alleged corruption in deals between developers and Liverpool City Council.
Although Mr Lawless was released without charge and a police search of his premises ruled unlawful in court, investor confidence in the Elliot Group was shaken and it fell into administration.
However, Mr Lawless has now agreed a deal to rescue The Residence in Salford, which will return the project into the hands of its original investors. He is also close to completing a similar agreement for the Infinity project in Liverpool.
Last year, Mr Lawless struck a deal to save the Aura scheme in Liverpool, with the £100 million development now nearing completion.
Glazing specialists in the region will be glad to hear that the projects will continue, as both will require large amounts of glasswork. This is especially true of the three glass-clad Infinity scheme towers, which will provide over 1,000 apartments when completed. The Salford scheme will feature 300 units in towers of 14 and 34 storeys respectively.
“My motivation throughout the administration process was to protect my investors. They helped me build my business and I was duty-bound to look out for them,” said Mr Lawless.
The developer, who has protested his innocence, will hope in time to be able to invest in new projects around the region.
The arrest of former Liverpool mayor Joe Anderson during the investigation may leave a cloud hanging over property development in the city, but new opportunities may be in the way in the northern docks area, with the recently-approved new stadium for Everton Football Club in Bramley Moore Dock having the potential to act as a catalyst for investment.