Liverpool’s New China Town investor vows to block progress of £200m scheme

Artist impression of failed Chinatown scheme

An investment partner in the £200m New China Town scheme in Liverpool has vowed to block the progress Great George Street Developments hopes to make on the major regeneration project.

The statement from New China Town Buyers Ltd follows yesterday’s news that a consortium of investors have bought the company which owns the leasehold for the long-stalled regeneration project.

Great George Street Developments said it hoped work on Phase One of the flagship five-acre scheme would resume by this summer.

New China Town Buyers said: “New China Town Buyers Ltd is the company set up to look after the interests of the investors in New China Town. It was never utilised properly which has put our investments at risk.

“We have been trying to buy the project but we have been told the failed developer wants to sell to another failed developer which we will not let happen.

“We want everyone to know how we have been failed and that we have a credible developer who will build the greatest China Town outside of China and give us our refunds but it is being stopped by the present developer.

“We are still hopeful that we can buy China Town Development Company from North Point Global to get our money back and have a credible developer take over because we will not accept another failed developer taking over or any other entity they are trying to create.

“Due to contractual escape routes North Point Global have in place we would otherwise have to wait until the 31st December 2018 to take legal action and we feel that is another year too long.”

Great George Street Developments said yesterday that Phase One of the development will comprise 117 apartments and almost 6,000 sq ft of commercial space.

It also said it expects to submit a revised planning application for Phases Two and Three of the site in the summer and will be consulting with Liverpool City Council and other stakeholders.

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