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Place North West | Liverpool student scheme sold out of administration

Place North West | Liverpool student scheme sold out of administration
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Place North West | Administrator appointed to One Islington Plaza


Dan Whelan
The 317-bed student accommodation scheme on Liverpool’s Devon Street, which was owned by a special purpose vehicle of the same name, has fallen into administration and consultancy Colliers International has been hired to value the property for sale. 
The One Islington Plaza SPV owes a creditor, Lender Route Finance, £4.3m, according to a report from the joint administrators Simon Campbell and Paul Zalkin from Quantuma Advisory. But a sale of the site is only estimated to realise between £1.2m and £2.2m and therefore is unlikely to repay the debt in full, the report said. 
Incorporated in 2015 by Chris Saggers and Alan Lovett, the One Islington Plaza company appointed contractor Ridgemere to build the £20m student scheme in the Knowledge Quarter.  ....

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