A real estate consultant told ECHO that about 160 units in the former Paramount building have been removed from all the furniture.
Paramount’s plan was to convert the former Odeon Cinema on London Road into a 488-bed student housing complex. But the program ran into problems and stopped in 2015. READ MORE:EncroChat brothers plan to buy mom’s house to launder drug money Pinnacle Student Developments Ltd (PSDL) later collapsed with huge liabilities. The Elliot Group acquired the site in 2019. Owner Elliot Lawless told ECHO that the units had been stripped bare to ensure the building complied with fire and building regulations. Last week, a real estate consultant representing investors in the project provided photos showing units in the building stripped of their furniture and accessories. The consultant said that about 160 units in the building had been removed from their furniture. The consultant who provided the photos said the investors were now worried and confused. He said: “The existing 160 tenants are left without housing units and we hope that this will be corrected for everyone soon.” A spokesman for The Elliot Group said the company bought the apartment building from managers in November 2019. The spokesman said the block was left unfinished when the previous plan collapsed under management. The spokesman said Mr Lawless had now spent millions of pounds on completing the project and that the plan had now been approved by council building inspectors. Mr Lawless said: “When I bought the building I knew it would be a big challenge. There were large gaps in the roof that led to water damage to much of the building and that saw the basement completely flooded. Many of the completed apartments were destroyed. “There was no sprinkler system, the investment had been condemned in the light of the Grenfell disaster and most of the building was unfinished. Photos showing “naked rooms” in the Paramount building in Liverpool (Image: brochure) “Our first task was to understand what was needed to comply with the new building inspection standards and, among the advice we received from our fire safety consultants was that the existing apartments had to be stripped bare as their luminaires and components posed a fire risk. . , as well as the absence of a sprinkler system. We required access to all the apartments to deal with these risks. “Where there were parts that could be saved, we put them in storage, but most of them were destroyed by the flood water or were deemed unsafe. Existing investors will, of course, have to relocate their apartments with policy-compatible furniture and redecorate them. “All the renovation work was done at our own expense because we needed to take quick action for the benefit of all. “I was happy to help and the investors now have a marketable asset and not one that is doomed.” “It was one of our most demanding projects, but to see the building fulfill its potential is very satisfying. “Its growth raises the number of units we have successfully delivered to Liverpool to more than two and a half thousand in twenty-three different projects.” PSDL is now to be disbanded by Quantuma Advisory Ltd. liquidators. Their latest report revealed that PSDL owes tens of millions of pounds to creditors. The report reveals that the company owes £ 25,066,757.55 to HMRC and £ 13,505,055.74 to Pinnacle Student Buyers, a company that represents investors in the real estate plan. Read more related articles Read more related articles
