º£½ÇÊÓÆµ

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Economic Development

Investors take over stalled £100m Liverpool student development as work set to restart

A rescue deal for the prominent Elliot Group scheme was approved in the High Court on Friday

The Aura development off Islington, Liverpool

A rescue deal has been agreed for investors to take over the stalled Aura student development in Liverpool.

On Friday, the High Court in Manchester approved an agreement for a consortium of investors to take forward the scheme in Islington.

Before the Elliot Group-led project stalled, it had been set close to the Royal Liverpool Hospital.

According to Elliot Group founder Elliot Lawless, the deal came after he worked with joint administrators from David Rubin and Partners to transfer the freehold interest in the site to the consortium, as well as directly authorising the sale of a neighbouring piece of land held by the group.

With both transactions now approved, the scheme can progress "without hindrance".

Mr Lawless said: “My proposal protected investors’ interests and ensured they would suffer no loss but we still needed the court’s approval. We’ve also agreed a deal that will see the investors’ chosen contractor use some of our other land to make construction easier."

Back in March, the project - along with the - fell into administration. Construction at the Aura site had stopped in January.

That came after Mr Lawless was arrested in December last year on suspicion of conspiracy to defraud, bribery and corruption. He has not been charged in connection with the investigation and .