A major student accommodation building in Liverpool has been sold.
Business advisory firm Quantuma has completed the sale of One Islington Plaza in the city’s Knowledge Quarter after a sale process lasting 12 months.
Leases have also been returned to investors of the 317-unit property on Devon Street.
READ MORE: Prominent Liverpool city centre hotel sold in deal worth around £12m
Simon Campbell and Paul Zalkin were appointed joint administrators to the building November 2020.
The purpose-built development - which provides accommodation to students attending the city’s four major universities - with fully furnished en-suite rooms and a gross development value of £23m, had been impacted by the Covid-19 pandemic.
Expected returns to investors also failed to materialise as expected.
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Quantuma was appointed to oversee the administration by the development’s main creditor, with a sale of freehold and the return of leases agreed last month.
Addleshaw Goddard advised on legal matters and Colliers International advised on property matters.
Simon Campbell, joint administrator and managing director at Quantuma, said: "Our work at One Islington Plaza demonstrates our ability to deliver a balanced outcome for both creditors in a complex scenario involving a number of concerned parties.
"This has been a challenging case but we’re pleased that a satisfactory conclusion has been reached for the creditors on all sides.
"At Quantuma, we have a strong record of providing expert advice and support in the real estate sector, which has been further developed through the joint venture with Cap Real Estate Advisory earlier this year."