A PLAN to revive a stalled development on Liverpool’s waterfront has run into trouble itself, The Post can reveal.
The eyesore site next to the Baltic Fleet pub on Wapping has sat unfinished since 2007, when an exclusive apartment scheme by Windsor Developments ran out of cash.
In July Neptune Developments was given planning permission for a £60m scheme to build new apartment blocks, hotels and cafes at a key site in the Baltic Triangle.
Neptune had hoped to start within two months and have had half the site finished by this summer, but nothing has happened on the landmark site.
Today Neptune said it was still hopeful progress would be seen in the “foreseeable future” but that it had struggled to raise bank funding.
Managing director Steve Parry said: “We are fully committed to the scheme. We are working on a funding package and at the moment we are in detailed discussions.
“We are still optimistic about getting on site within the foreseeable future.
“Since we had the planning permission granted the funding market and bank funding has become a lot more problematic.”
Neptune is not unique in struggling to raise finance.
A source familiar with the Liverpool commercial property market said: “It is really difficult to get funding at the moment unless it is for a scheme in London or involves the public sector.”
Neptune’s plan involves using the current footprint of the development for four smaller buildings instead of the three large ones that Windsor had planned.
Under the plans the steel and concrete carcass of the lift shaft from the failed scheme would be removed.
Foundation work for the underground car park would remain but pillars rising above ground level will be removed.
The first two new buildings, at the back of the site, would be blocks of flats – a nine-storey tower for serviced apartments and a six-storey building for long term rentals.
The third and fourth have outline permission for a 170-bed four star hotel and a building with uses which could include a hospital, casino, or offices.
Windsor began work on the site in 2006 as the first phase of an ambitious vision to transform the area into a 21st century urban village.
That scheme collapsed a year later when Windsor went into administration with debts of £46m.
More than £19m of that debt was for the huge amount of concrete and steel poured into the site which used to house the Joseph Lamb and Sons chandlers.