Proceeds from the sale of the failed New Chinatown development will go towards paying back investors.
The Great George Street Project is one of 22 projects across Liverpool that are yet to either get underway or recommence after initial progress. It is one of 11 projects that are up for sale in a bid to get them moving again and a meeting of Liverpool Council ’s strategic development and housing committee last night was told administrators on the site are assessing viable bids.
The scheme entered into administration following a High Court hearing in March. Officers confirmed that those who lost money through investments in the project would be paid back when and if a sale of the scheme is completed.
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Originally, 42 sites across the city had been identified as stalled but original developers had returned to site to continue their schemes, or other new investor/developer consortia step forward to take on part-finished projects. Alongside the former New Chinatown scheme in being up for sale are Strand Plaza, and Kings Dock Mill – Phase 2 Land at Hurst Street. These are mostly through administrators and the council expects changes of ownership to stimulate new schemes to come forward.
It is thought that more than 2,000 homes could be created through the sale of such projects and their subsequent completion. A number of sites have got back on track, including Cavern Walks, Kingsway House, Hatton Garden, and 37 Hope Street.
The Bling development at 69 Hanover Street was also cited as a success by officers. The authority’s licensing and gambling sub-committee approved an application for a sex shop to operate below ground floor level in the building last month.
Among the projects showing no sign of progress include 70-90 Pall Mall, L1 Studios at 16 Fleet Street and The Block at King’s Dock which experienced fire damage in a massive blaze that broke out on the site on New Year’s Eve 2017. Almost 1,200 vehicles were left inside the arena car park when the blaze took hold nearly five years ago - with more than 1,000 said to be completely burnt out.
Cllr Sarah Doyle, cabinet member for strategic development and housing, called on the UK Government to give more powers to councils to intervene on stalled sites. She said they can harm communities, leave a physical impact and damage trust in local authorities.
It was revealed in October that bidders for the Chinatown site have been asked to sign non-disclosure agreements (NDA). An NDA, also known as a confidentiality agreement, is a legal contract which sets out how information or ideas are shared in confidence.
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