Elliot Group sells city centre asset to local developer
Liverpool developer Elliot Group has completed the sale of a recently completed city centre asset.
The Exchange project – formerly known as Paramount – on London Road in Liverpool has been divested to local developer and investor Legacie, for an undisclosed sum.
Elliot Group purchased the partially-completed Paramount student halls in July 2019, from administrators, investing millions to complete the project.
The development, next to the city’s main Lime Street railway station, was started in 2014 and a number of homes were finished and occupied. The completed scheme contains 488 units and is almost fully let to students for the autumn term.
Elliot Group founder, Elliot Lawless, said: “When we acquired the building its cladding had essentially been condemned, post-Grenfell, the roof was so leaky the basement had flooded and we needed to retrofit a sprinkler system.
“Everything has now been put right and passed by the council’s building regulations team, but it’s fair to say that this was one of our more challenging projects.”
He added: “Exchange was our 23rd successfully-completed project in Liverpool, meaning that we have delivered more than 2,500 units in the city alone.”
The development includes 150 basement car parking spaces, let to NCP, together with a ground floor commercial unit and high specification amenities for students such as a gymnasium and lounge areas.
