The developer of the stalled £200m New Chinatown project in Liverpool is pulling off all sites and closing down.
North Point Global said its “brand has become tainted and damaged beyond salvage.”
The firm has been working on a series of sites across Liverpool and Manchester.
It said: “The Group will seek to dispose of all of their property interests, return monies to buyer clients and then cease operations.
“If this process cannot be concluded on a Private Treaty basis then the group will seek to appoint insolvency practitioners as and where applicable but the intention will be to fully reimburse buyer clients wherever possible and this process will be undertaken with absolute clarity and transparency.
North Point said it had been damaged by a legal row with Liverpool City Council and a series of articles in the Liverpool Echo.
A sale of the New Chinatown development to Your Housing group also fell through after five months of negotiations.
The council has instructed solicitors to start legal proceedings to forfeit two leases on the city centre site.
North Point said: “The council is seeking to forfeit the Group’s leasehold interest in Phases 1 and 2 of New Chinatown despite the fact that the Group has sold fifty six units on Phase 1 to buyer clients with the full knowledge and support of the council.
“Over the course of the next fourteen days the group will issue details of disposal plans for each of its specific projects.”
from Construction Enquirer http://www.constructionenquirer.com/2017/08/01/liverpool-chinatown-developer-to-cease-trading/
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