Dan Whelan
People who invested up to £100,000 each in off-plan apartments at the Baltic Triangle development have asked its new owner Legacie Developments to help them salvage their investments.
Work on the 145-apartment second phase of Parliament Residence – previously being delivered by a vehicle of developer Assetcorp called AC Parl Street 2 – stalled at the end of last year. David Currie & Co was appointed as receiver to sell the project to recover a charge for one of Assetcorp’s creditors, Collateral Investments, as revealed by
Place North West in December
.
Liverpool-based Legacie last week stepped in to buy the scheme for around £6m. However, the acquisition means investors could lose the deposits they have paid to buy the one- and two-bedroom apartments being developed. This is because AC Parl Street 2 took out loans from Collateral Investments to progress the development, and the funder – a secured creditor – is now expecting to recoup that cash through the receivership and sale.