Vermont has completed the £100 million Aura development in Liverpool’s Knowledge Quarter – the largest student development to have successfully completed in Liverpool this year.
The 1,007 unit scheme was bought out of administration earlier this year following a deal on behalf of the 450 investors in 50 countries who originally backed the scheme. Works at the Aura were paused in January 2020 following legal issues experienced by the original developer, Elliot Group, with the scheme collapsing into administration in March 2020.
Vermont reached an agreement with a consortium of investors in March 2020 – Aura Investors LLP – which purchased the site from the administrator David Rubin & Partners in October 2020. The investors provided all necessary funding to secure the purchase, including buying all the unsold units.
Mark Connor, chief executive of Vermont, said: “We are extremely proud to have completed the first phase of the development successfully for the investors. Despite some initial challenges, all parties involved made a huge effort to get this over the line, and enormous credit is due to the investor group and their advisors, together with David Rubin & Partners. The whole team has been extremely pragmatic throughout.
Mark added: “This is a fantastic scheme in a strategically important location for the city and brings to a successful conclusion a very complex process and development. This has been a great outcome for the investors, Vermont and the city of Liverpool.”