Developer Elliot Lawless has helped secured deals to revive two out of three collapsed property schemes and says he is now focused on a rescue for a £250m project in Liverpool. Tony McDonough reports
Developer Elliot Lawless has helped to secure a deal to dispose of a £70m scheme in Salford and says he is now focused on a similar agreement to revive a £250m residential project in Liverpool.
His company, Elliot Group, saw three residential schemes, two in Liverpool and one in Salford, collapse into administration in 2020 following his arrest by Merseyside Police and a subsequent collapse in investor confidence.
Mr Lawless was arrested in December 2019 as part of the wider Operation Aloft probe into deals between property developers and Liverpool City Council. Mayor of Liverpool Joe Anderson was arrested and bailed as part of the same investigation in December 2020.
Police released Mr Lawless without charge and the High Court later refused a police application to extend his bail and declared the search warrant and the search of his home unlawful. The police subsequently agreed to pay Mr Lawless’s legal fees and he continues to maintain his innocence.
However, the fallout from the arrest rocked investor confidence. Elliot Group’s £250m Infinity scheme, close to Liverpool waterfront, as well as its £100m Aura project and £70m Residence project in Salford, were all placed into administration.
In October, a deal was agreed with administrators, Paul Cooper and David Rubin of David Rubin & Partners for a consortium of the original investors in Aura, located close to the Baltic Triangle, to take over the development.
Now a similar deal has been agreed with the original investors in the Residence in Salford. The agreement will require an application to be made to Court to effect the sale. Mr Lawless has agreed to transfer his freehold interest in an adjacent site to the consortium to secure their positions.
“My motivation throughout the administration process was to protect my investors. They helped me build my business and I was duty-bound to look out for them,” said Mr Lawless. “I’ve worked tirelessly for 12 months on this and my thanks go to the administrators and to the investors for staying the course.”
The 300-unit scheme comprises two blocks of 14 and 34 storeys, with the concrete frame for the 34 storey tower completed before the project was placed in administration by Elliot Group in March 2020.
Now Mr Elliot, who is still bringing forward a number of other property schemes, says the next task is to secure the disposal of the Infinity project in Liverpool which comprise a trio of high-rise buildings offering 1,000 apartments.
“The aim is the same,” he said. “I want to ensure investors’ monies are protected and that we can complete the project without further delay. I wish the investors in The Residence the very best as they bring that project to fruition.”