A stalled Liverpool development with amazing Mersey views has been saved after investors took over.
The 17-storey Herculaneum Quay tower in Dingle, is one of several projects across the city to have stalled in recent years, with it coming after the firm in charge - Herculaneumco - collapsed.
The collapse came last year after administrators were called in, leaving buyers and investors - who had collectively paid millions into the development - in limbo.
This week, the building contractor is on site after intervention by Herculaneum Quay Investor (HQI) Group, who say work is "on track as per the building programme".
A statement from HQI said: "This is the result of 10 months of work and collaboration of original investors in the project.
Residents spoke last year about their fears over the stalled development:
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"HQI has completed on a contract to acquire the leasehold from Herculaneum co Ltd (in administration).
"In a separate transaction, HQI Property Ltd has also completed on a contract to acquire the freehold of the site."
The spokesman also said the building is now expected to be finished "in the first quarter of 2020".
He added: "When completed, the 17-storey residential development will provide luxury apartments with uninterrupted views of Liverpool City Centre and the River Mersey that even reach Wales on clear days.
There are "only a few apartments remaining" in the 119-flat block, he said.
Kerry Tomlinson, who was director of the now-bust Herculaneumco, is now a formation director at HQI.
He said has been working with investors and stakeholders, as part of his commitment to deliver this property "as originally intended".
According to Mr Tomlinson, the day-to-day running of the project will now be managed by an executive committee, which consists of original investors and Primesite employees.
Mr Tomlinson told the ECHO: "We’re absolutely thrilled that work has recommenced on Herculaneum Quay. We always said that we would fight to see this project through to completion, to deliver the scheme to investors and provide Liverpool itself with this stunning tower on the River Mersey. This is now on track to happen by the end of 2019.
“This positive update is a result of nine months of work and collaboration by a consortium of original investors in the project, including ourselves. It would not have been possible without the investors’ invaluable input – they were instrumental in developing and implementing this well-thought-out plan.
“Primesite Developments will now be advising the consortium of investors on the project. We’d like to thank all of the investors for their efforts, support, and patience as together we meticulously explored the options to allow us to see construction of Herculaneum Quay through to completion.”
Last year, buyers of the building's flats said they feared losing huge sums of money after it was found the developers owed more than £23m, having taken almost £11m from them.
One Lancashire doctor who exchanged contracts on his flat before news of the collapse was announced told the Liverpool Echo he had put down a £58,000 deposit.
The exchange came just weeks before administrators were appointed, leaving the doctor furious and fearing for his money. Denise McNeil was another buyer who spoke of her worry that the apartment her family purchased would not be finished.
