Work on the project on the site of the former Odeon cinema in London Road stalled in 2016 following the collapse of the previous developers. Tony McDonough reports
Work on a stalled student development on the site of the former Odeon cinema in Liverpool city centre is to restart after it was acquired Elliot Group.
Pinnacle Student Developments and Blok Architecture brought forward the Paramount scheme fronting onto London Road but both subsequently collapsed and work on the scheme stopped in April 2016.
Now Elliot Group, one of the city’s most active developers with a number of live projects in the city centre, will complete the development as originally planned. It will comprise 488 student beds and 150 underground car parking spaces and commercial units.
The former Odeon was demolished in 2010 work started in 2014 and a number of homes were completed and occupied. However, much of the scheme remains empty, with its façade incomplete.
“This is the final stalled project in Liverpool to be bought and we’re delighted that we can close an unhelpful chapter,” said Elliot Group director, Elliot Lawless.
“I’ll be writing to the existing investors in the project to keep them abreast of our plans once we have a clearer picture of what is required. The building is in good hands now and I want to reassure them that we’ll be working with them proactively, going forward.”
Elliot Group also bought the stalled Pall Mall scheme on the north of the city’s business district in November and is currently demolishing the part-built concrete frame before redeveloping the site. Three other stalled schemes have also been bought out of administration by other developers.
Around 120 investors, many from overseas, are believed to have bought units in Paramount and Elliot Group says it will protect and enhance their investments by completing the project and instituting a proper management regime for the building.