Work on the £100m waterfront development known as ‘The Quarter’, in Liverpool has begun again after the resolution of contractual and legal issues which have delayed the project since August.
The mixed use scheme was delayed when Liverpool based developer Vermont went into administration.
This created a number of legal and contractual issues on the project, despite being owned and funded by a separate JV company, Sefton Street Developments LLP.
With the resolution of these problems, and with Ethel Austin Properties, funder Bank of Ireland, and a new company, Vermont Capitol Limited committed to the completion of the scheme, work on the project has re-started . ‘The Quarter’ contains a 173 bedroom, four star hotel (secured by hotel brand Ramada Plaza), a 22-storey residential tower (of which 83% of the first phase of 187 apartments have been sold), office accommodation, retail and leisure space.
Mark Connor, chief executive at Vermont Capitol Limited said: 'Despite the difficult market conditions, residential completions are progressing and lettings are extremely strong with demand exceeding all of our initial forecasts.'
The project is due to be completed between 2010 and 2011.