Housing developer ceases trading due to losses on two schemes

Liverpool-primarily based Elite Residences has ceased trading subsequent losses incurred on two developments on Merseyside.

The developer is a division of lengthy-standing non-public rental business Elite Estate Developments, which is unaffected by the go and proceeds to trade productively.

The closure follows fiscal issues with the building contractor at Elite’s Damfield Meadows improvement in Maghull and Glenavon Park plan in Prenton.

Problems brought about by lockdowns, in addition supply shortages and spectacular hikes in components charges saw both developments run at a reduction and posed sizeable monetary and operational problems to the contractor.

Steven Latham, handling director of Elite Residences, said that litigation to recuperate monies to full the two techniques will soon be instructed.

He mentioned: “The residences are designed and occupied but work stays to be accomplished on issues this sort of as landscaping and snagging to ensure equally estates are done to the typical that we and the people experienced hoped.

“We have instructed our lawyers to start the litigation process and we will have to now await the final result of that.”

Even though litigation commences Elite Houses has been closed down.

Mr Latham additional: “This is a pretty regrettable outcome and my job now is to fight challenging with our legal advisors to safe the resources to entire the strategies.

“We have written to all citizens to retain them up to pace with our efforts on their behalf and will share new information and facts with them as we access every legal milestone.”

Damfield Meadows is composed of 14 four-bed detached households, with 32 equivalent models designed at Glenavon Park. All households have been sold on the open current market.

Elite Estate Developments has a variety of personal rental units below administration. The corporation is dependent in Waterloo, North Liverpool.