Developer of stalled scheme falls into administration

The developer of a stalled 252-apartment student accommodation scheme in Liverpool has fallen into administration.Pinnacle Student Developments (Liverpool) entered administration on Monday, 29 January 2018, with Paul Flint and Paul Dumbell from KPMG’s restructuring team appointed joint administrators.Registered in Manchester, the company was the developer of The Quadrant on Shaw Street near the Royal Liverpool University Hospital. As a special purpose vehicle for the building’s development, it had no direct employees.The apartments were sold off-plan to individual investors, of which the majority were based overseas. Deposits were taken on exchange of those sales which were held by a buyers’ company, Quadrant Buyers (Liverpool). These were used to fund the company’s development of The Quadrant, on behalf of the buyers’ company.However, building work onsite ceased following the administration of the main building contractor PHD1 Construction on 1 April 2016. With insufficient funds available to complete the build and with no development finance strategy available that was to the satisfaction of all stakeholders, the building has remained unfinished.