A stalled site on the edge of Liverpool city centre where buyers are owed £3,915,776 is now for sale.
The Metalworks scheme, which was first unveiled several years ago, promised 300 new apartments on the site of the former Lawtons building.
The proposed scheme was not built and the land off Leeds Street became a haven for flytippers.
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The Pumpfields Regeneration Company (PRC) , the firm behind the Metalworks scheme, collapsed into administration last year.
Administrators Smith and Williamson LLP later revealed that PRC owed £7.7m to creditors, including £3, 915,776 to investors in the scheme. PRC owe finance company Moneything £3,050,000.
Last year Smith and Williamson said that the Metalworks site was thought to be worth around £2m.
The administrators also said that they have spoken to Liverpool businessman Antonio Garcia Walker about the scheme.
Mr Walker was a director of the Pumpfields Regeneration Company, (PRC) from February 2016 to December 2019.
A progress report read: "Held a telephone interview with the former director, Antonio Garcia Walker, to discuss the history of the Metalworks development and his explanation of the events which resulted in the stalling of the project."
Last year Mr Walker was handed an eight year ban for his involvement with controversial property group North Point Global.
The ban handed to Mr Walker related to his time at Baltic House Developments and Warwick Road Developments ( Manchester Ltd).
Both companies were subsidiaries of the North Point Global group, which is said to owe buyers around £40m.
The same progress report by Smith and Williamson also revealed that the administrators also spoke with PRC's current director Daniel Johnson.
A spokesman for Mr Johnson previously told the ECHO that he joined PRC after deposits had been paid to the company by investors.
Manchester based property company CBRE have now announced that the Metalworks site is for sale.
A spokesperson for CBRE said: "The former metalworks, situated in Vauxhall to the west of Liverpool on a 0.67 acre site, has now been demolished for development. A smaller 0.11 acre parcel of land on Gladstone Street also forms part of the development opportunity and is currently a car park.
"The main site is bounded by Naylor Street to the north and Gladstone Street to the east. Almost 1,900 units are in the area’s residential development pipeline including Freemasons Row to the east; Layork Road to the west and Oriel Street to the north."
Ashley Anderson, Senior Surveyor at CBRE Manchester, said: “We are delighted to bring the former metalworks site to market to regenerate a redundant piece of land in a significant growth area for pipeline residential development.
"The site is in a rapidly emerging position in Liverpool with a wide range of doorstep amenities and has potential to be part of a thriving residential community adding to the existing schemes in the development pipeline.”
The ECHO understands that CBRE are dealing with interested parties directly and the price of the site will be revealed on application
Colin Hardman, Partner at Smith & Williamson and joint administrator of Pumpfields Regeneration Company Limited said: “The joint administrators have recently corresponded with the Deposit Purchasers to inform them of the options by which a sale of the property may ultimately be achieved and also to invite any bids and/or proposals from the Deposit Purchasers in respect of the Metalworks site.
“The joint administrators also drew the Deposit Purchasers’ attention to their well-documented responsibility to act in a manner which is in the best interests of the creditors of the Company as a whole and to assure Deposit Purchasers that a sale of the Metalworks is being pursued on the basis of trying to maximise value for the creditors as a whole.
“In this regard, the joint administrators are currently working with the Deposit Purchasers to establish a creditors’ committee from the Deposit Purchaser group, which we anticipate will be constituted within the coming weeks. The committee will represent the interests of the Deposit Purchasers in performing an advisory function to the joint administrators in respect of, amongst other things, acting as a sounding board in relation to the marketing and sale of the Metalworks and assisting the joint administrators with their decision-making process, as appropriate, in relation to the Metalworks sale.”
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