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Elliot Group Acquires Stalled Liverpool Development

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Elliot Group has confirmed the acquisition of the stalled Paramount student scheme located next to Liverpool's Lime Street Station.

Purchased for an undisclosed sum, the 488-bed scheme also includes 150 underground car parking spaces and ground floor commercial units.

The project started in 2014 and a number of beds were completed and occupied, but much of the scheme remains empty.

The development became a focal point for concerns over the sale of properties to overseas investors and the influx of purpose-built student accommodation.

Elliot Lawless, Elliot Group director said: "This is the final stalled project in Liverpool to be bought and we're delighted that we can close an unhelpful chapter."

"I'll be writing to the existing investors in the project to keep them abreast of our plans once we have a clearer picture of what is required."

"The building is in good hands now and I want to reassure them that we'll be working with them proactively, going forward."

Elliot Group also acquired the stalled Pall Mall scheme on the north of the city's business district in November.

More than 100 investors are believed to have bought units in the Paramount, and Elliot Group says it will protect and enhance their investments by completing the project and establishing a proper management regime for the scheme.