Crofton Estate sold for £4.2m
The Pervaiz Naviede Family Trust has bought Crofton Estate in Aigburth in Liverpool from administrators for £4.2m.
The acquisition comprises 26 properties set in a 2.5-acre estate, including the original mansion house with 11 apartments, and a further 15 houses within the grounds.
One of the houses is part refurbished and, by completing the works, offers an immediate opportunity to increase the value of the estate. Currently 21 of the 26 properties are let.
Renovated and redeveloped in 2008, the mansion house was originally built in the mid-1800s for Alfred Holt, founder of the Blue Funnel Shipping Line. The estate was used as an auxiliary hospital during the First World War.
Crofton Hall is the Trust's fourth acquisition in Liverpool and follows the purchase of 63 apartments and the freehold to Heysmoor Heights, a block of 98 apartments in Sefton, last year.
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 £4.2m 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." The properties will be managed by the Pervaiz Naviede Family Trust's residential arm, LPC Living, which is based in Salford.
The Crofton Estate was marketed by Allsop on behalf of the joint fixed charge receivers CBRE. The Manchester office of Gateley was the legal representative acting on behalf of the Trust with Zameero acting as broker.
