The Serious Fraud Office has launched investigations into three delayed developments in Manchester and Liverpool.
Search warrants were executed at Angelgate on Dantzic Street in Manchester (pictured above), North Point Pall Mall at 70-90 Pall Mall in Liverpool and New Chinatown on Great George Street in Liverpool, in conjunction with Merseyside Police as part of a joint investigation with the North West Regional Organised Crime Unit.
The SFO said it cannot comment any further but urged members of the public who have invested in any of these properties to complete a questionnaire about them.
Angelgate’s developer, Pinnacle (Angelgate) Ltd, went into administration in October 2017, four years after receiving planning permission for 344 flats and commercial space that never emerged.
Ongoing delays on the site meant that the project did not begin, despite close to £30m of investment internationally. Administrators released a report that showed the project had spent £28.7m of investors’ money before construction had started but were unable to determine how it had been spent.
Hong Kong-based developer Far East Consortium bought the site for £5.2m in an online auction last year and said it would submit a revised planning application to Manchester City Council.
The investigation is understood not to affect Far East Consortium’s development of the site.
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