Vermont Construction has announced that it will restart work on a £100m stalled purpose-built student accommodation (PBSA) development in Liverpool – following a deal which will take the project out of administration. The company has made an agreement with a consortium of investors who will purchase the site from the administrator – David Rubin & Partners.
In January, Vermont Construction had suspended its operations on the site due to legal issues experienced by the developer. At this point, the development was around 65% complete.
“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 – which is a great scheme in a strategically important location for the city.
“This has been a fantastic effort by all involved and enormous credit is due to the investor group and their advisors who, together with 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.
“We expect to be back on site in October which is good news for Vermont, the original investors and of course the city. 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.”Mark Connor, Chief Executive, Vermont Construction
The PBSA development – Aura – will include 1,007 student beds and the development will be completed under Vermont Construction’s management. Works will restart again this month with the first phase due for competition in September 2021.