Work is set to re-commence on one of
Construction was stopped in August after Liverpool-based developer,
The mixed-use scheme situated at the junction of Parliament Street and Sefton Street was a joint venture between Ethel Austin Properties and Vermont Developments, but was owned and funded through a separate company, Sefton Street Developments, which was unaffected by the administration.
However, work had to be delayed on the two-acre scheme due to a number of legal and contractual problems in completing the initial phases of the project.
Ethel Austin Properties and a new company Vermont Capitol Limited have now committed to completion of the scheme, which includes a 173-bed four-star hotel, a 22-storey residential tower, 30,000 sq ft of offices, retail and leisure space and a new public square.
The Quarter has already sold 83% of the first phase of 187 apartments and has secured Corinthia Hotels International to operate the four-star
Vermont Capitol Limited’s Mark Connor said: “It’s been a difficult few months, but having reached agreement with all the stakeholders on the project we can focus on moving forward with delivering our vision for The Quarter.”
“Despite the difficult market conditions, residential completions are progressing and lettings are extremely strong with demand exceeding all of our initial forecasts.
“It was never an option for the stakeholders to allow this very successful scheme to be affected by the unnecessary administration of the Vermont Developments business and, with the support of Ethel Austin Properties and the Bank of Ireland, we can now focus on moving forward as planned.”
Andrew Lovelady, of Ethel Austin Properties, said: “The Quarter will be great news for
Work is expected to re-start within days.
