A growing property management firm has bought up a large slice of an entire landmark in London’s southern suburbs including apartments, town houses, shops and offices, all for £45 million.
Navana, which has operations across London, says the portfolio acquisition brings together 60 tenancies and 40 property titles under one room in Crystal Palace for the first time.
The company says that Coronavirus has seen many commercial and retail properties in the area become vacant and that many could become residential instead.
All of the properties are within a triangle of land in the centre of the conurbation, which was built during the Victorian era after the nearby ‘glass’ Great Exhibition palace was re-located on an adjacent hill overlooking the capital.
Navana’s CEO Harry Fenner (pictured, above) says the company will now actively manage its new portfolio.
“This deal was far more complex than an acquisition of this size should usually be and has taken many months to put together,” he adds.
“The properties are in an exciting part of London and we believe there is great opportunity to invest in the portfolio to better suit the needs of local people and newcomers to this vibrant part of London.
“Many of the plots are underdeveloped and due to effects of coronavirus, there is currently a large amount of vacant commercial space.
“Two of the multi-tenant offices blocks will be turned into mixed-use blocks, whilst the Haynes Lane site is perfect for a mixed-use development, bringing new energy and diversity to the local area.”