The half-built seven-storey apartment block where people who bought flats ‘off plan’ are now in limbo

manchestereveningnews.co.uk:

Attempts to resurrect a stalled seven-storey apartment block development have failed because ‘many investors’ bought ‘off-plan’ flats there before they were built, councillors have heard. When given planning permission in 2014, the development at 4-14 Great Moor Street was was described as an apartment block offering ‘world class facilities’ for 140 university students.

Work to build the seven-storey building on derelict land started in 2016. However, construction halted at the site around four years ago and after the collapse of a company called Collateral.

Bolton Council’s leader, Martyn Cox this week told a meeting of the full council that the construction firm building the block were no longer operating. Coun Cox, said: “The company constructing the building are in liquidation. Many of the apartments were sold to investors prior to that liquidation.

“I think there’s a lesson there for all of us – never buy an apartment off- plan. This situation has made it very difficult for the liquidator to sell the building to anyone interested in completing the project, since new developers would want clear title to the building or confirmation that the existing owners are willing to contribute more funds to complete the project.”

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Coun Cox said the council did not currently have any enforcement powers over the site. He said: “Bolton building control officers have looked at it and concluded that it does not pose a threat to members of the public.

“Therefore with great regret there’s no action the council can currently take. Officers will continue to monitor the building in case any formal action under