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Liverpool Scheme Falls Into Administration

Posted by Richard Ward in

Image courtesy of Flickr, (View licence)

The company behind a significant purpose-built student accommodation (PBSA) development in Liverpool has gone into administration.

Mount Group Student NatEx Ltd blamed Covid-19 and Brexit and has appointed administrators and are working to secure the future of the project.

The development remains largely unfinished and was acquired by Mount Property Group from Anwyl in 2018.

The scheme involves the redevelopment of the former National Express Bus station and was designed to accommodate 574 students over two towers. It would also due to feature a gym, communal study space and larger social areas.

LTPS Prime Secured provided the company with a £12 million loan for the project back in December 2019, with the aim to have the scheme finished by September 2020.

Commenting on the development, join administrator Patrick Lannagan, said: "The administrators are presently assessing the financial position of the company with a view to determining the optimal strategy for the completion of the development."

"The company's financial position has been adversely affected by delays and increased costs resulting from, among other factors, the COVID-19 pandemic and supply chain issues associated with the pandemic and Brexit."