Work on £40m Liverpool scheme comes to halt due to lack of funding

The Rise

Work on a £40m development scheme in Liverpool city centre has come to a halt due to a lack of financial backing.

The Liverpool Echo has reported that developer Primesite said work on The Rise in Low Hill has come to a halt because the firm “lacks the financial backing”

Primesite said the lack of funds is partly due to the uncertainty surrounding Brexit and the ongoing political turmoil in Westminster.

Kerry Tomlinson, the managing director of Primesite, said it has been clear and transparent with clients.

The plans is to convert the derelict site into a seven storey apartment block which would include 146 student flats and 246 apartments.

Mr Tomlinson told the Liverpool Echo: “We’ve made it clear to all our clients and agents that work will not start until at least the New Year.

“We have kept them in the picture and we have been very clear and very transparent to the best that we can without creating any further negative issues.”

He added: “The main issue we have is that the majority of investors would like to sit tight for a few weeks.

“The big thing is Brexit, with everyone in our industry. You will see other developments and other businesses slow down – it’s not just the property industry. Business as a whole is suffering.”

Issues with the development started when lender Amicus went into administration last December.