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Aura Liverpool Student Accommodation off-plan Project Delayed - At Risk


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Dear Community, 

I'm an international first time investor who put his live savings into Student accommodation project called "Aura Liverpool". Their sales pitch was really attractive, 8% return guarantee for 5 years. My purchase (paying 50% of the value) took place on July 2018 with an intended completion date in September 2019 (and a long stop date on September 2020).

Later on, they send a "project update" saying the completion will be on September 2020. And Now, due to a developer issue, they need to refinance the project and the lender is asking for all investors contracts to be revised and to extended the long stop date to another year, hence September 2021. 

My solicitor is saying that my capital is at risk, and even if i decided not to amend the contract and enforced my refund on the original long stop date, he feels i might not even get that if the project goes bankrupt.

I'm seeking some guidance fro some experience investor. What should i do?

Does anybody else have invested in this particular project?

Thanks.

aura liverpool.PNG

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  • 4 months later...

Hi All,

This is the intention of my post as i dont know any other investor. As you know, the load could not be secure and they are now asking for investors to advance pay another 35%.

I have serious concern about this project even tho the building looks pretty advance. I have no idea what are my option if the Aura project goes bust! Hence maybe we can establish a line of communication between investor to see an analyse our options.

What do you all suggest? Whatsapp group?

Regards

Gustavo

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  • 3 weeks later...
  • 2 weeks later...

Hi Georgel,

 

Unfortunately there is nothing, that is why i started this topic as there is no information online. Please email me at gustavocastrop18 @ gmail.com  at least to start some sort of group.

 

Gustavo

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I'm not an investor in the project, but found this update that might be promising if it goes ahead and is taken over.

https://www.google.com/amp/s/www.liverpoolecho.co.uk/news/liverpool-news/multiple-elliot-group-liverpool-projects-17858703.amp

Unfortunately seems like the developer has run into some legal issues. Hope you all find a resolution soon!

 

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

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Just a follow up on this and it unfortunately looks like it'll go into administration after being unable to agree to having it taken over by another developer.

Hope you guys can get some legal advice to sort it out!

https://www.placenorthwest.co.uk/news/elliot-places-three-schemes-into-administration/

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

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  • 2 weeks later...

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