A half built apartment block on the site of the former National Express coach station has been sold for just over £14m.
Mount Group Student NatEx Ltd, which was building the £45m NatEx student accommodation block on the site of the former National Express bus station, collapsed into administration last October. Administrators Mazars has now sold the building to London based developers Blacklight Capital Partners for £14.1m.
In May a report by Mazars revealed the company accepted a total of £23.9m from buyers in the form of deposits. A spokesman for Mazars confirmed the sale of the building to the ECHO.
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The spokesman added the sale would help generate a return to creditors who were owed money.
A spokesman for Blacklight Capital Partners said: "We have made some significant improvements to the originally-conceived building, and re-branded the scheme as Limelight. It is a large-scale 500+ bed purpose-built student accommodation scheme.
"We are very happy with the location which is a stone's throw from the city centre, universities and waterfront areas. The scheme is institutionally-backed with all required funding to complete the building in place well before we start on site, as is always the case with any of our projects."
The spokesman said the company hopes to deliver the scheme in time for the start of next year's academic year, and has already started onsite, less than four weeks after purchase.
The Mount Property Group, which bought the New Islington-based NatEx scheme from Welsh company Anwyl back in 2018, hoped to deliver a large scale scheme with over 500 units. The 574-bed project was set to consist of 16 and 10-storey towers.
Patrick Lannagan and Julien Irving, partners at Mazars, were appointed joint administrators of Mount Group Student Natex Limited on October 5 last year.
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