Our Restructuring and Advisory Division completes sale of freehold at Liverpool student accommodation site

Our Restructuring and Advisory Division has completed the sale of freehold at a major student accommodation property in Liverpool.

Leases have also been returned to investors at One Islington Plaza in the city’s Knowledge Quarter after a sale process lasting 12 months was completed.

Simon Campbell and Paul Zalkin were appointed joint administrators of the 317-unit property on Devon Street in November 2020.

The purpose-built development – which provides accommodation to students attending the city’s four major universities – with fully furnished en-suite rooms and a gross development value of £23m, had been impacted by the COVID-19 pandemic. Expected returns to investors also failed to materialise as expected.

Our Restructuring and Advisory Division was appointed to oversee the administration by the development’s main creditor, with a sale of freehold and the return of leases agreed last month.

The student accommodation transaction was overseen as the business advisory firm continues to expand its real estate sector expertise. In October this year, our Restructuring and Advisory Division and property advisors Cap Real Estate Advisory (CRE), agreed a joint venture to meet the increasing need for property restructuring expertise.

The distressed real estate service combines CRE’s market leading advisory offering with our Restructuring and Advisory Division’s restructuring, insolvency and tax expertise to add value, and enhance client outcomes, by providing seamless advice when dealing with distressed real estate assets.

Addleshaw Goddard advised on legal matters and Colliers International advised on property matters.
  
Simon Campbell, joint administrator and managing director at Our Restructuring and Advisory Division, said: “Our work at One Islington Plaza demonstrates our ability to deliver a balanced outcome for both creditors in a complex scenario involving a number of concerned parties. This has been a challenging case but we’re pleased that a satisfactory conclusion has been reached for the creditors on all sides.

We have a strong record of providing expert advice and support in the real estate sector, which has been further developed through the joint venture with Cap Real Estate Advisory earlier this year.”