Investors feared to have lost millions of pounds in a property scheme promoted by former Premier League striker Robbie Fowler have told of their anger.
Stunning images were released during a media blitz showcasing the ambitious scheme to build over 300 new apartments on the edge of Liverpool city centre.
Mr Fowler, known as ‘God’ to Liverpool fans the world over, endorsed the scheme which promised to deliver 325 apartments within walking distance of Liverpool city centre.
The legend’s image appeared on giant hoardings which surrounded the site, smiling and holding a football. And the former goal machine loomed large in a sales brochure, when he was quoted as describing the scheme as an
‘ideal opportunity for residential and buy-to-let investors’ and ‘one of those investment opportunities that should not be missed.’
The former international footballer alluded to his own ‘passion for property development’ and said that ‘to be part of a big project like this is not only great for my personal ambition but will be great for the Liverpool region.’
The developers, who unveiled their vision in February 2020, said work was scheduled to start within 12 weeks and the three apartment blocks would be completed in autumn 2021.
Although investors poured million of pounds into the scheme, it was not delivered.
Former Premier League striker Robbie Fowler (pictured) inside a corporate brochure promoting the property scheme
Although investors poured million of pounds into the scheme, it was not delivered, instead, the site is semi-derelict
The developers, who unveiled their vision in February 2020, said work was scheduled to start within 12 weeks and the three apartment blocks would be completed in autumn 2021
Photographs taken earlier this week showed a semi-derelict site, home to the odd abandoned shopping trolley on the corner of Fox Street in Everton.
A law firm representing investors has now launched a professional negligence case to help investors recover some money.
Louis Rado, who put down a deposit worth £32,000, spoke to the Mail about his ordeal so far.
Mr Rado, 32, said that he was introduced to an agent at Gladfish Property by a friend who had bought property through the company.
He said:’I was told that St Anne’s Gardens was being developed by an experienced and trustworthy company in Elatus Developments based
in Liverpool, who were partnering with Robbie Fowler. On agreeing to proceed with one unit at St Anne’s, as part of the ‘package’ at Gladfish they introduced me to their sister company Ezytrac. They would manage the property on completion.’
Louis said that through Ezytrac he was introduced to accountants and solicitors, who would assist with the transaction.
The London based recruitment executive told the Mail that he was particularly disappointed to learn that his deposit was not put in an escrow account, which are normally used to protect investors deposits.
The scheme promised to deliver 325 apartments within walking distance of Liverpool city centre
Louis Rado, who put down a deposit worth £32,000, said he was particularly disappointed to learn that his money was not put in an escrow account
He said: ‘The biggest part of the story, in my perspective, is that the developer’s lawyers breached their contractual obligation to hold 10 per cent of the purchase price (£16.5k) in an escrow account and instead released it to the developer.
‘Following my initial investment, I consistently asked Ezytrac for updates on the property, and I was given several excuses.
They included ‘we are just waiting for a webcam to be set up onsite that will show you live progress of the build’ and
‘Elatus have had planning permission issues with Liverpool City Council which has delayed construction’ but was always told not to worry and things would get underway.
He added: ‘I’m disgusted, angry and want the individuals behind this held to account.
‘There are over a hundred individuals like me who have lost life-changing sums of money.
‘The course of our lives have all been changed by this.
‘Our money has vanished into thin air.
St Anne’s Street Ltd, the company that owned the land, was controlled by Robert Taylor, 45, who also owns Elatus Development Group, the company that unveiled the project in 2020
Mr Fowler, known as ‘God’ to Liverpool fans the world over, endorsed the scheme – his image appeared on giant hoardings which surrounded the site
‘The government should be doing far more to address now and prevent happening again in the future.’
St Anne’s Street Ltd, the company that owned the land, was controlled by Robert Taylor, 45, who also owns Elatus Development Group, the company that unveiled the project in 2020.
Mr Taylor, from Liverpool, told various media outlets that he was committed to delivering the scheme, which he claimed had been delayed by planning issues, and by the pandemic.
At one point during the hiatus bizarre video footage emerged of a man operating a mini-digger on the site.
This resulted in a complaint by Liverpool City Council, who reminded the developers that they did not have the relevant planning permission.
The Mail has seen sales material suggesting blocks A and C were close to being sold out. The average deposit was said to be in the region of £30,000 meaning investors put in between £3m and £4m.
The local authority later refused Mr Taylor’s application for planning permission, only after he had sold over a hundreds units in the scheme.
Mr Fowler, 49, told the Mail of how his role was purely ambassadorial. He said:’I was an ambassador for this scheme only and was never involved in any decision making or financial dealings. I am disappointed to hear this news and sorry for the people affected.’
Units in the scheme were promoted and sold by several property companies, including Flambard Williams
The average deposit was said to be in the region of £30,000 meaning investors put in between £3m and £4m
Units in the scheme were promoted and sold by several property companies, including Flambard Williams.
Chris Whetstone, managing director of Flambard Williams, appeared in a video conference when he discussed the scheme with Mr Taylor and a second man named Atti who declined to say a single word during the conference.
During the zoom style meeting Mr Taylor offered investors a series of vague assurances about delivering the site, but was short on specific details.
The Liverpool businessman was declared bankrupt in January this year.
The Mail can now reveal that Mr Whetstone, who was heavily involved in the marketing around St Anne’s Gardens, is now behind fresh plans to build homes on the site.
Mr Whetstone’s company, ASBBJ has taken control of the plot and is now seeking planning consent for a scheme branded as Angel Gardens.
Mr Whetstone said :’There were a number of agents involved in selling this site as you know. The issue was we were all furnished with information stating that they had full planning and were fully funded by Sancus. They provided documentation in regard to this.
I can’t comment on other agents clients as I don’t know what happened on their side but we have been working with our clients to take a class action lawsuit against the solicitors as we feel that there was a lack of DD from their side. That is taking place as we speak.
A law firm representing investors has now launched a professional negligence case to help investors recover some money
The Mail has seen sales material suggesting blocks A and C were close to being sold out
‘I am in regular contact with my clients and hope they get some money back through the solicitors and insurance.
‘We are unfortunately not talking about an isolated event here. Liverpool has had a number of issues with failed developments.’
Penningtons Manches Cooper solicitors is now representing investors pursuing a professional negligence case against their solicitors.
David Niven, a partner at the firm, said to the Mail: ‘I am leading claims for groups of buyers of units at the failed St Anne’s Street off plan development in Liverpool who are on the verge of bringing court proceedings for professional negligence claims against their former solicitors, including Fletcher Day Limited, whose business has been closed down by the Solicitors Regulatory Authority (the SRA).
‘St Anne’s Street has never been built out yet was intended to be a development of three residential blocks of between five and eight storeys to accommodate 325 flats.
‘The buyers lost deposits of up to 25% of the purchase price for their flats (in some cases more than £40,000) and the crux of their claims is that Fletcher Day failed to give them proper legal advice about the risks they faced when entering into this high-risk scheme.
‘The SRA has issued a series of Warning Notices making clear that solicitors must ensure that clients entering into off-plan transactions fully understand the risks that they may lose their deposits and explain how such schemes differ from standard conveyancing transactions.’
The Mail approached Robert Taylor for comment.
