Another North Point Global stalled Liverpool scheme has been purchased out of liquidation.
A joint venture (JV) between Crossfield Group and Exclusive Investments is planning to deliver a revised scheme on the site of the Baltic Triangle’s Baltic House development.
The Norfolk Street project ground to a halt in 2017 and has lain dormant ever since, but the JV known as Crossfield Exclusive Developments is now applying for planning consent to bring the site back to life.
Crossfield Exclusive Developments hasn’t confirmed the uses of its revised plans at this stage, but the previous Baltic House development was led by student accommodation and included some commercial space.
The deal follows yesterday’s announcement that Elliot Group has acquired North Point Global’s abandoned part-built Pall Mall scheme in Liverpool, and is planning to demolish the structure to make way for a new mixed-use development.
Earlier this year the Landwood Group invited offers for the Baltic House and Pall Mall sites on behalf of the joint LPA receivers.
Crossfield Construction, a division of Crossfield Group, would be the appointed construction partner to take the new Norfolk Street project forward, working towards an outline completion date of 2020.
David Ayem, director of Exclusive Investments, says: “This development, if properly executed, has enormous potential to transform the area around Norfolk Street and bring an attractive, sustainable addition to the wider Baltic Triangle.
“We recognise there may be negative connotations around the site’s past, but this is a new dawn for the project and its future is now in safe, local hands.”
David Cain, director at Crossfield Group, adds: “If our revised plans are approved, there is huge employment potential for local people. We are likely to appoint up to 10 new full-time positions to Crossfield directly, whilst our supply chain will see a further 300-400 workers on the site, all of whom would be local.
“This is integral to some of the positive outcomes we will expect from the construction of the scheme.”