A HOSPITAL consultant who feared losing his life savings in a failing waterfront luxury flat development was today celebrating the rescue of the project and his £60,000 deposit.

Dr Nadeem Iqbal, aged 61 from Langho, had paid £60,000 towards buying an apartment in a Liverpool tower block just weeks before its developer hit financial problems.

In June last year the developer behind the119-apartment waterfront Herculaneum Quay complex was put into administration and the consultant anaesthetist feared he might never gain possession his flat or get his money back.

Dr Iqbal, who works for the East Lancashire Hospitals NHS Trust at its Burnley General and Royal Blackburn teaching hospitals, was left in despair and in October approached the Lancashire Telegraph and MPs Kate Hollern and Nigel Evans,

Now after extensive legal and financial negotiations administrators Quantuma have completed a restructuring deal for the development and its takeover by a new company HQ Investors Ltd.

Dr Iqbal, a former resident of Beardwood in Blackburn, is one of 100 flat buyers who have to pay an extra eight per cent into the new company (in his case £17,600) to ensure their deposits and flats are safe.

His Liverpool University son should now be able to use the apartment when the development is completed early next year and Dr Iqbal and his wife now plan to retire there in four years time.

He said last night: "I am very relieved. My deposit is safe and I will get possession of the flat.

"It is the best I could hope for in all the circumstances.

"Everything has been handled by solicitors for 100 of us buying flats who are now partners in the new company.

"My son will be able to use it in his second year at university and my wife and I will be able to retire there.

"I am not absolutely jumping for joy but I am very relieved this has been sorted. It is the best outcome possible for me."

A statement by HQ Investors Ltd said: "It has been announced today that work will recommence of Herculaneum Quay this months in a positive update that will allow investors on the project to see construction of the tower through to completion. It is expected to be finished in the first quarter of 2020."

Simon Campbell, Joint Administrator and Director at Quantuma, said: “This deal has been delayed due to the complexity of drawing together the interests of the landlord, secured creditors and over 100 investors. Importantly, investors now have control over the development and have the prospect of achieving a fully-refurbished property as originally intended. "

When completed, the 17-storey residential development will provide luxury apartments with uninterrupted vies of Liverpool city centre and the River Mersey that even reach Wales on clear days.