Stalled Liverpool development up for sale as firm behind it goes bust

A Liverpool city centre development that was being transformed into apartments has gone up for sale after the company behind it went bust.

Property company Pinnacle Residential (Liverpool) Ltd was working to transform Victoria House into residential units, but the business fell into administration last month (April 5).

Lisa Marie Moxon and John Allan Carpenter, from the business recovery arm of advisory firm Dow Schofield Watts, were appointed as joint administrators.

Pinnacle was a special purpose vehicle launched to convert the upper levels of Victoria House, on James Street, into more than 70 homes.

The conversion works are incomplete, although more than 40 units have been sold off plan to investors for £2.2m.

The administrators confirmed that those who have invested in the apartments can claim as creditors in the administration for the balance owed to them.

Lisa Marie Moxon said: “Since being appointed in April, we have corresponded with all of the investors, creditors and the buyers’ security trustee company.

“There are insufficient funds available to complete the development.”

She continued: “Our strategy is to market the property for sale in order to achieve the best sale price with a view to maximising returns to the company’s creditors and the buyers’ company.

“Due to the fantastic location of the property, we are anticipating a high level of interest from potential purchasers.”

The Liverpool branch of property services firm Eddisons is tasked with securing a buyer for the development.

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