Deal means developer can start work on £170m residential scheme
Liverpool developer Elliot Lawless has purchased the £170m One Park Lane development from the investors to whom he sold it in December 2015, in a joint venture with Anthony Maxwell-Jones of Valorem Investment Partners.
The 781-unit development secured planning permission in October 2014 and was sold a year later to Inhabit.
The planning permission remains in force after work was started on site by the previous owner.
But, following a review of their investment strategy, the backers behind the scheme put it on ice and have now agreed to sell the development to a new company controlled by Elliot Lawless and Valorem Investment Partners.
Lawless and Maxwell-Jones are promising to begin work before the year end.
“We’ve worked really hard to structure a deal that gives us control once again and we’re delighted to be in the driving seat,” said Mr Lawless.
“There was good will on all sides and it helped us get it over the line. We’re now keen to get on site and deliver what will be a game-changing project for that part of the southern waterfront.”
The development, which comprises four new blocks plus the listed Heap’s rice mill, is based around a new public square which will be surrounded by 12,000 sq ft of ground floor restaurant and retail units.
Maxwell-Jones says the new plan is to deliver the project in phases and confirmed that discussions with both funding partners and occupiers are ongoing.
“We’re talking to multiple end-users and have some very interesting options on the table,” he said.
“We’ll deliver the project in phases and we’re still open to suggestions about the final mix of uses and operators.”
And, in a departure for Liverpool, Elliot Lawless confirmed that the listed Heap’s Mill will be reserved for local owner occupiers keen to secure a larger than average footprint in the city centre in a unique building with heritage.
“Heap’s Mill is a fantastic building that lends itself more to owner occupiers who want heritage and extra space,” said Lawless.
“Buyers will have to commit to live there themselves and we see that as helping embed a stable community in the wider development.
“We want to get cracking and build momentum behind the scheme.
“We’re committed to delivering what will be one of the most significant projects in the city and I want to put another crane on the skyline. A year-end start is in our sights,” he added.
News of the deal follows on the heels of Elliot Group erecting the tallest tower crane in the city as work progresses on its ‘triple towers’ scheme, called Infinity, on Leeds Street.
The crane will rise to 475 feet at its highest point in the build programme.
Hill Dickinson provided legal advice for the deal. The development has been designed by the Liverpool studio of Falconer Chester Hall.