Developer strikes deal to save stalled £70m Salford tower

Grant Prior 2 years ago
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Developer Elliot Lawless has struck a deal to save another stalled tower scheme.

The Elliot Group boss is transferring the £70m Residence scheme in Salford to a consortium of its original investors to complete construction.

Building work on site was suspended early last year when funding problems led the developer to place three residential towers into administration.

Paul Cooper and David Rubin of administrators David Rubin and Partners said: “Administrations of this type require a collective will to get them over the line and credit is due to all parties.

“It’s a very attractive and well-located scheme and we are looking forward to seeing it built out and occupied.”

The 300-unit scheme comprises two blocks of 14 and 34 storeys, with the concrete frame for the 34 storey tower completed by Carey before the project was placed in administration in March 2020.

Lawless struck a similar deal last year to save the £100m Aura scheme in Liverpool where construction work has since resumed on site and the development is now nearing completion.

Lawless said: “My motivation throughout the administration process was to protect my investors. They helped me build my business and I was duty-bound to look out for them.

“I’ve worked tirelessly for twelve months on this and my thanks go to the administrators and to the investors for staying the course.”

Lawless said his focus will now shift to completing deals for the remaining Infinity project in Liverpool.

The schemes collapsed when investor confidence fell away following the execution of warrants and searches of properties owned by Lawless in December 2019.

Merseyside Police has since conceded in the High Court that these were unlawful and no charges have ever been brought.

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