A landmark Liverpool student accommodation scheme that stalled when Elliot Group fell into administration is now set to open later this year, after a rescue deal for the £100m project was completed.
A new operator, True Student, has been revealed for the development on Erskine Street in Islington, which will contain 999 'luxury' bedrooms overlooking the city on a 1.14 acre site. It will be called True Liverpool.
It comes after a consortium of investors under the name Aura Investors LLP agreed a deal to take over the scheme back in October, with the Elliot Group having placed the scheme into administration in March.
The firm said the new development will provide a 'state-of-the-art' gym, study rooms, a festival zone and cinema room, as well as a top floor sky lounge and terrace, offering 360° panoramic views across the city.
Ben Morley, managing director of true student said “We’re excited to be bringing our award-winning offering to Liverpool. The expansion into Liverpool’s thriving domestic and international student market marks another step in establishing the brand as a major player in the PBSA management arena.
“True Liverpool will exemplify the trueLife experience, working hard to not only provide world-class student accommodation but to support and encourage our student guests through a market-leading programme of opportunities focused on wellbeing and personal development.”
Vermont, the firm originally hired to carry out work on site, restarted work in October after an agreement with the investors.
True Student is owned by The Bricks Group, which operates more than 3,500 beds across the UK.
Historically developer-operators, True Liverpool will mark the brand’s first role as property managers mid-construction.
Construction on the former Aura scheme stopped early in 2020 after it ran into financial difficulties.
The project - along with the Infinity towers scheme in Liverpool and The Residence in Salford - fell into administration.
Aura Investors LLP completed their takeover of the Liverpool scheme in December after the High Court approved the deal's structure.
According to Elliot Group founder Elliot Lawless, the deal came after he worked with joint administrators from David Rubin and Partners to transfer the freehold interest in the site to the consortium, as well as directly authorising the sale of a neighbouring piece of land held by the group.
In October, Anna Doeff, whose company Mewstone Ridges Ltd was the single largest investor in Aura - and who is a member of the investor consortium - said: “This has always been a very high-quality scheme in a prime location and I’m delighted that we can now complete it."
