Estate Management of a Grade II Listed Historic Art Deco Building

Festalfine Limited

The freehold of Lichfield Court is owned by Festalfine Ltd, which is in turn owned by the leaseholders as shareholders. Festalfine Ltd not only owns the freehold but also manages the estate.

Festalfine Ltd was incorporated in 1978 as a private company to purchase the freehold of Lichfield Court from the then landlord, Freshwater Ltd, thereby establishing enfranchisement for residents who became shareholders. In the same year, residents were invited to buy new 120 - year leases were issued to existing leaseholders at a nominal ground rent of £1.00 per annum. These leases were extended in 2015 for a further 120 years.

Festalfine Ltd owns a small number of flats, and the rental income from these properties helps cover the company's running costs. One of these flats (Flat 34 in the Major Block) serves as the registered Company Office. Additionally, Festalfine Ltd holds the headlease for Lichfield Terrace shops and Northumbria Court a retirement housing complex located in the grounds.

Upon purchasing a lease, the leaseholder is entitled to one share in Festalfine Ltd, with no individual allowed to hold more than one share. The company is managed by a Board of Directors, who must be leaseholders according to the covenants of the lease and the company's Memorandum & Articles of Association. Shareholders gain voting rights at the Annual General Meeting, which is held at a local venue each year.

Festalfine Ltd's office is located next to the foyer in the main block and is staffed by a CEO, Estate Manager, Estate Buildings Manager, and Account Manager, who handle the day-to-day management of the estate.