There is a trend amongst property developers to make the best of existing buildings rather than build a block of apartments from scratch. The Pervaiz Naviede Family Trust have become the latest to make a high profile purchase of a former manor house in Liverpool.
The historic features and character of the UK’s manor houses provide ideal foundations for modern spacious apartments with their high ceilings and extensive landscaped grounds.
The reason so many manor houses have passed into the hands of trusts and developers is simply down to the costs of a running such enormous houses as homes for just one family.
While it may have been affordable in the 19th century when those who grew wealthy from the industrial revolution had the means to employ the many servants it took to run these great country houses, the arrival of the First World War changed everything.
This is why it is it is particularly interesting that Crofton Hall in Aigburth, Liverpool was itself used as a hospital during World War One as many country houses were in those days.
Crofton Hall was originally built in the mid-19th century for Alfred Holt, the founder of the Blue Funnel Shipping Line. The house fell into decline towards the latter part of the 20th century until it was renovated in 2008.
The Pervaiz Naviede Trust expands its north of England portfolio
The addition of Crofton Hall will expand The Pervaiz Naviede Trust’s portfolio in the North of England to £75 million. Crofton Hall features a total of 26 properties set within the 2.5 acre estate. The original house has been divided up into 11 apartments with 15 further houses built within the grounds including nine new build town houses.
According to information from The Trust, 18 of the 26 properties are now let, which indicates that demand for property of this type in this area of Liverpool are in high demand.
Rudi Falla, spokesman for The Trust, said: “The purchase represents an excellent investment for The Trust as it provides a solid rental income and clear opportunities to add value by completing the unfinished conversions. Early indications from our advisors are that the £4.8m purchase price was extremely good value and we would expect that once our work is complete the estate would be worth in excess of £7m.
“This type of acquisition is ideal in that it gives The Trust an ongoing income while also allowing continued investment in further assets. It aligns entirely with our wider strategy of investment in PRS which has seen The Trust boost the size of that portfolio significantly by more than £10m in the last three months.”
The hall is located four miles south east of Liverpool city centre and is the Trust’s second major purchase in Liverpool, the other being a block of 32 apartments in Toxteth.
The properties will be managed by LPC Living, which is based in Salford. Simon Ashdown, director of LPC Living, said: “Crofton Hall is a beautiful heritage building which has been transformed into modern apartments that have proved popular with young professionals and downsizers in the area. The conversion of estate buildings and the new build additions created 15 houses which provide larger accommodation and choice for potential tenants, including opportunities for families.
We want to continue the sensitive development of the estate with the completion of the remaining unfinished buildings and will be investing in the upkeep and maintenance of this stunning property and its grounds.”
Posted on: June 8, 2014