Elliot Group hopes to hand over stalled towers to new developer

Grant Prior 3 years ago
Share

Elliot Group is hoping to hand over three stalled residential towers to a new developer to avoid the schemes going into administration.

Construction was suspended on the group’s £70m The Residence tower in Salford last week  where Carey is building the concrete frame.

Main contractor Vermont also suspended work last month on two projects – Aura and Infinity – it was building for Elliot Group in Liverpool .

The projects have been hit by the fall-out from the arrest late last year of Elliot Lawless, founder of Elliot Group, along with a senior official at Liverpool City Council as part of a fraud investigation.

Both men were released on conditional bail and neither have been charged.

Commenting on the Residence scheme an Elliot Group spokesman said: “Elliot Lawless has committed to inject the funds necessary to complete the superstructure with PJ Carey.

“The on-going police investigation means there is no likelihood of raising further development finance until the investigation is complete and Mr Lawless is exonerated, as he expects to be.

“His only option is to inject short-term funding to keep the project afloat whilst responsibility for completing the scheme is mandated to another developer.

“The terms of the funding are close to being concluded and discussions are underway with a developer who is keen to step in.

“Once this is agreed Elliot Group will host an investor conference to seek investors’ approval for the appointment of a third party developer.

“We are confident that they will back this option but if not, the professional advice we are receiving is to put the scheme into administration.

“This same approach and scenario holds for our Aura and Infinity schemes in Liverpool.

“The key is to ensure that the schemes remain viable and can be delivered.  They’re great projects that will transform their immediate environs and deliver the returns we’ve previously been able to provide to our investors.

“Elliot Group has a 100 per cent track record of delivery and so its focus right now is on ensuring that these three schemes can be completed.”

Latest news

Government pays £700m for 50% stake in Sizewell C

New body, Great British Nuclear, will be set up to develop pipeline of nuclear projects
5 hours ago

Demolition worker crushed by excavator

Court hears 20-year-old woman was left with "life changing injuries"
10 hours ago

Costain wins Heathrow Airport asset renewal deal

Firm takes early contractor involvement role in Terminal 2 baggage handling upgrade
12 hours ago

Worker killed on £683m waste power plant site

Fatal collision involving heavy goods vehicle on giant north London site
21 hours ago

HS2 JV shifts four Wembley Stadiums of earth in record time

EKFB team digs and hauls 15 million cu m of muck in 20 months
13 hours ago

Milestone wins £300m Wiltshire highways upkeep

Ringway will hand over to Milestone in March next year
12 hours ago

Low-risk business model helps Renew post record results

Renew reveals latest acquisition with £15.6m purchase of water specialist Enisca
12 hours ago

London Albert Embankment hotel towers approved

Two separate hotels rising to 26 and 29 storeys approved
13 hours ago

Keltbray names new director of strategic engineering

Tim Lohmann takes up newly-formed role to drive innovative engineering solutions
13 hours ago

Go-ahead for £200m lithium refinery on Teesside

Work to start next year on Europe's first lithium hydroxide processing plant
1 day ago

HS2 agency workers paid the wrong wages

Payroll software problems leave workers out of pocket
2 days ago

Electric car whizz joins O’Rourke

Contractor looking to learn tech lessons from other sectors
1 day ago

Electrical contractors still confident despite staff shortages

Order books healthy but worries grow over margins
1 day ago

BAM to deliver £44m Yeovil College campus build

BAM will submit a planning application next month to start work later next year
2 days ago

Bouygues starts London 700-home council estate rebuild

Developer Linkcity seals financial close on Old Kent Road Tustin Estate job
2 days ago

Construction’s “Leading Lights” recognised

Full details of latest winners of Considerate Constructor Scheme's latest awards
2 days ago

ISG wins £600m Hertfordshire Hollywood film studio job

Holywood studio Sunset awards pre-construction contract for 90-acre studio complex in Broxbourne
5 days ago

NAO calls for road programme cuts as costs soar

Public spending watchdog calls for roads programme review amid project delays and cost overruns
5 days ago

Kier hires Laing O’Rourke veteran for London office push

Gus Wright takes up new London regional director role in January
5 days ago

VolkerFitzpatrick lands starring role on £174m film studios

Contractor to start main works on Eastbrook Studios in Dagenham
5 days ago

Wates poaches Balfour director to lead North West operation

Sarah Cooke to lead Wates Construction in the North West
5 days ago

£3.4bn Sellafield infrastructure race delayed to New Year

Contest to start in January for four partners in infrastructure delivery shake-up
4 days ago

Rebuilt TBM launches into second HS2 tunnel drive

Balfour Beatty Vinci TBM Dorothy starts second Long Itchingwood HS2 drive
5 days ago

Materials lead times back to pre-pandemic levels

Pinch points around gas boilers to persist until mid-2023 because of shortages of semiconductors
5 days ago

Bond strength helps TClarke towards £500m turnover target

Building services giant predicting a record year in 2023
6 days ago

All-clear for £125m Guildford Debenhams redevelopment

Native Land's St. Mary’s Wharf will comprise 185 homes
6 days ago

Thompsons brings down historic Redcar blast furnace – video

Redcar demolition clears the way for new net zero future
6 days ago

Wolverhampton picks McLaughlin & Harvey for £50m learning campus

Main construction to start next spring on City Learning Quarter
6 days ago

Michelmersh buys offsite brick cladding and chimney maker

Pre-built brick products producer Fabspeed sold for over £6m
6 days ago

Pagabo acquires mental health monitoring business

Framework giant makes move after Moodbeam goes into liquidation
6 days ago

Contractor services