Missed deadlines cost publisher £16m to exit development joint venture
Liverpool Echo publisher Reach has paid out £15.5m to Dubai-based Select Group after delays and overruns at its former city centre home.
Reach sold part of its freehold property on Old Hall Street, Liverpool, for £6.6m in 2018 and entered into a joint venture with Select Group to develop it into a hotel alongside retail and office space.
Hotel brand INNSiDE had planned to open a 207-bedroom hotel in spring 2020.
The Echo Place development is also due to become home to Sony Interactive Entertainment Europe after a deal was a... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
