Developer North Point Global (NPG) has announced it’s set to walk away from a clutch of Liverpool housing projects.
The company, which is behind New Chinatown as well as a significant apartment scheme at Pall Mall, says it will seek to dispose all of its property interests, return monies to clients and then cease operations.
In a statement, NPG adds: “Directors of the group and their advisors consider that it would be wholly unrealistic to return to site on any of their projects as they consider that the North Point Global brand has become tainted and damaged beyond salvage.
“Therefore the group will seek to dispose of all of their property interests, return monies to buyer clients and then cease operations.
“If this process cannot be concluded on a private treaty basis then the group will seek to appoint insolvency practitioners as and where applicable, but the intention will be to fully reimburse buyer clients wherever possible and this process will be undertaken with absolute clarity and transparency.”
Over the next two weeks NPG will issue further details on its disposal plans for each of its specific projects which also include Baltic House and Berry House, both in the Baltic Triangle.