Property agents appointed to market three Elliot Group schemes in administration
Administrators of three developments placed into administration have appointed property agents to market the sites in Liverpool and Manchester.
Joint administrators at David Rubin & Partners have appointed Lambert Smith Hampton (LSH) and Pantera Properties to The Residence in Manchester, and Aura and Infinity in Liverpool.
They said LSH and Pantera will be responsible for the marketing and sale of all three developments.
The sites were placed into administration following funding problems brought about by allegations of fraud and corruption against the developer’s founder, Elliot Lawless.
Mr Lawless, who was arrested on December 18, 2019, denies all allegations.
Paul Cooper and David Rubin of David Rubin & Partners were appointed as joint administrators on March 13.
Mr Cooper said last week: “I have spent time in both Liverpool and Manchester this week in order to get an overview of the situation regarding all three developments.
“I am optimistic that David Rubin & Partners will be able to implement a rapid process to ensure these developments are able to be completed, providing both state-of-the-art student and residential accommodation.
“There are multiple stakeholders here and our team will shortly be in contact with all relevant parties to provide an update and inform them of the next steps to be taken by the joint administrators.”
Elliot Lawless, founder of The Elliot Group, said there was no alternative to appointing administrators.
He said: “We’ve explored every option available, but in light of the investigation, existing investors were cautious about backing the projects to their conclusion.
“As we enter the administration process, we’ll continue to work proactively with investors to explore how we can help them crystallise their investments and get the projects completed.
“They’re good schemes in great locations and I want to see them through. We’ve delivered 100% of all our schemes in the past and I am intent on maintaining that track record,” he added.
He said his focus was on working with the administrator to keep the three projects alive.
“It has been a challenge for me dealing with the police investigation, but it’s nothing compared to the fact that hundreds of great workers have lost their jobs and investors’ funds are at risk,” he said.