A Liverpool developer who bought the former Lomax nightclub in Stoke-on-Trent to initially build a new residential apartment building has sold the site in a multi million pound deal. Crosby-based Ascot Property Group purchased the venue for an undisclosed sum from Liverpool insolvency experts Begbies Traynor back in 2004 after the venue was closed in June that year after Lomax Entertainments went into liquidation. The site, on the junction of Hill Street/Consort Street in Stoke town centre, has now sold for £6.5 million. Ascot Property Group had shelved the proposed residential apartment development when the property market crashed in 2008.

Ascot Property Group Chairmen, Terry Riley, then bought out his former partner in this project, Southport based millionaire John Ball, and decided to build a new state of the art 5 storey student & retail development himself consisting of 120 student pod type accommodation & 14,000 square foot of retail & leisure space.

Ascot will retain the ground floor & basement area of this new development to add to their already buoyant rental portfolio & currently have a coffee shop & restaurant/bar operators wanting to lease units once the site is complete in early 2014.

Ascot Chairman, Terry Riley, commented “We have been working jointly on this development over the past 18 months and are happy to have recently secured a deal with a London based property fund to purchase the completed development for £6.5m.”

More details will be announced on the deal later in the year.