Work has been completed on a £100m student development in Liverpool’s Knowledge Quarter after the project had to be rescued out of administration.
Construction firm Vermont has finished works on its development which it said is the largest student scheme to have successfully completed in Liverpool this year.
The 999-room unit development was formerly known as Aura and is now referred to as the 'True Student' building.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
The scheme also includes a café, gym, a sky lounge with panoramic city views and a cinema room.
The development was initially bought out of administration following a deal on behalf of the 450 investors in 50 countries who originally backed the scheme.
Works were paused in January 2020 following issues experienced by the original developer, Elliot Group, with the scheme collapsing into administration in March 2020.
Vermont reached an agreement with a consortium of investors in March 2020 - Aura Investors LLP - which purchased the site from the administrator David Rubin & Partners in October 2020.
The investors, assisted by Blacklight Capital and their team were able to secure all necessary funding to ensure completion of the development as originally planned.
The first phase of the project, comprising 563 student units, was handed over in September last year, with the final 436 units handed over this month ready for this September’s student intake.
Mark Connor, chief executive of Vermont, said: "The completion of this scheme is an absolute credit to all involved, including the fantastic Vermont project team, our supply chain and design team partners, together with the investors and their professional team.
"Despite the obvious challenges Vermont committed to finishing the project with the investors, and it is a testament to the determination and pragmatism of all of the various stakeholders that we have been able to ensure the scheme could be completed as originally envisaged.
"This is without doubt the biggest challenge we’ve faced since we established Vermont back in 2004, both in terms of the project’s scale and complexity. This, combined with a complete redesign of the ground floor following recommencement, was always going to be a massive test for the team, but one we were confident we could deliver - and we did.
"This is a fantastic advert for what our team at Vermont can deliver. It’s a great result for the investors and indeed the city - as a Liverpool business it’s a scheme we are very proud to have worked on and we hope will provide an exemplar of student accommodation for future students."
READ NEXT:
City centre venue Alma De Cuba racked up debts of over £9m before entering administration
First net zero building in Liverpool would have space for 1,250 staff
Union warns of 'chaos' at Liverpool's docks as workers vote on strike action
Over £1.5m owed by Liverpool venue before rescue by former Iceland boss
Collapse of construction firm revealed with creditors owed more than £3.6m
