Victoria House – a Liverpool city centre development which was being converted into residential apartments – has been put up for sale following the administration of the company behind it.
Pinnacle Residential (Liverpool) Ltd was placed into administration on 5 April 2018, with Lisa Marie Moxon and John Allan Carpenter of Dow Schofield Watts Business Recovery appointed as joint administrators.
The company was a special purpose vehicle set up to covert the upper floors of Victoria House on James Street, Liverpool to over 70 residential apartments. The conversion works have not been completed.
Over 40 units have been sold “off plan” to investors for £2.2m. The administrators have confirmed that the investors are entitled to claim as creditors in the administration for the balance owing to them.
Lisa Moxon commented: “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.
“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 administrators have instructed Eddisons in Liverpool to market the property for sale.