Work will restart after a consortium of investors purchased the half-finished Aura student project from the administrators of collapsed developer Elliot Group.

Aura was one of three schemes from Liverpool-based Elliot Group that were placed in administration in March this year.

Vermont originally paused operations at the site in January following legal issues experienced by the developer, Elliot Group.

Mark Connor, chief executive of Vermont, said: “It’s a huge statement that we have been able to put all of the issues behind us and can now press on with Aura.

“This has been a fantastic effort by all involved and enormous credit is due to the investor group and their advisors who, together with administrators David Rubin and Partners, have been extremely pragmatic.

“In doing so, we have been able to agree a deal that will see the scheme completed as originally intended.

“This has been a complex process, but as far back as January 2020 we provided reassurance to the investors that we would work with them to ensure the scheme was completed. The agreement reached now confirms that we will be able to do exactly that.”