Praxis has purchased the Aldermaston Park Estate in Berkshire.
The prime 140-acre Thames Valley estate, which includes an 85,000 sq ft HQ office building, a Grade 2 listed manor (pictured) and various other commercial and residential buildings, has been bought for £4.7m.
It is set within historic parkland incorporating a 10-acre ornamental lake. The acquisition is the latest off-radar acquisition by the Isle of Man-based propco controlled by low-key Monaco investor Mark Harrison.
The site was purchased via Jones Lang LaSalle acting as receivers for Deutsche Bank AG London.
Praxis intends to reconfigure, refurbish and reposition the estate substantially over the next two years and is exploring a range of exit strategies.
The Grade 2 listed manor formerly traded as a 33-bedroom hotel and Praxis says it will either seek an operator or consider a residential conversion.
Jack Burgess, investment manager at Praxis, said: “The 140 acres of prime Thames Valley real estate with 150,000 sq ft of buildings and 125,000 sq ft of unused planning consent for under £5m looked like exceptional value.
“We bought it very quickly, even by our standards. There are a multitude of angles to interrogate and it will take us some time to unlock the value, but fundamentally it looks like a steal.”
Campbell Gordon acted for Praxis.
nick.whitten@estatesgazette.com
