Rescue deal agreed for stalled flats scheme after it falls into receivership

A scheme delivering almost 150 “high-end” waterfront apartments has gone into receivership after work stalled last year – but a deal aimed at reviving it has been agreed.

Developer Assetcorp had been building the second phase of Parliament Residence – set to deliver 145 one and two-bed apartments in the middle of Liverpool’s Baltic Triangle.

Work began in 2018, with millions of pounds pumped into the scheme by investors based all over the world – as far afield as China, the Middle East and USA.

But late last year, the investment vehicle behind the company, AC Parl Street 2 Ltd, was put into receivership, according to Companies House documents – with real estate and consultancy firm David Currie officially appointed as a receiver in December.

The development, for which units were sold off-plan, is said to be around “70%” complete and in a “dangerous” condition.

This week, a spokesman for prominent city firm Legacie Developments confirmed it had put in a bid to “rescue” the project.

He told BusinessLive : “It is currently in a dangerous condition from the damage that has been caused once the site stalled and requires significant investment, and the support of Legaice’s expert team, to bring it to standard.

“Our vision is to create a quality residential development on this site so that Liverpool is not left with another stalled scheme.”

Legacie is currently delivering the nearby £90m Parliament Square development, and last month announced it had bought the former Primesite 450-apartment ‘The Rise’ project on Low Hill, which had collapsed into administration.

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The spokesman added: “Legacie has a track record of delivery in Liverpool and so we hope to revive this project to make it something the city can be proud of.”

The deal for the second phase of Parliament Residence was agreed in December, and is hoped to complete by the end of this month.

The proposals secured planning permission in 2017, and Abodus Construction, a daughter company of Assetcorp, was the firm building the scheme.

Attempts were made to contact London-based Assetcorp. Mr Currie declined to comment.

The neighbouring first phase of Parliament Residence completed back in 2018, and consists of 44 apartments.

Business Live – North West