Arsenal and Liverpool international football players have teamed up with the goal of making millions from property development.
Luis Suarez, Lucas Leiva and Jose Enrique of Liverpool and Arsenal’s Mikel Arteta and Santi Cazorla are reportedly running property firm Capital and Centric Investments LLP.
The company buys disused building and refurbishes them to sell mainly as homes.
Capital and Centric, which has other investors apart from the soccer stars, has a war chest of £50 million ready to spend.
The target is to buy and renovate property in Manchester, Liverpool, Birmingham and Bristol that gives an 8% to 10% return on a £250 million portfolio.
One of the firm’s projects is the redevelopment of the former Littlewoods building in Liverpool.
As part of a £4million project, the derelict warehouse will be converted into 18 office suites for small and medium sized business.
Capital and Centric founders Tim Heatley and Adam Higgins say £30 million of developments have already been completed during the past two years.
Property is a popular investment with footballers.
West Ham manager Sam Allardyce sued football agent Peter Harrison over £300,000 lost in a housing deal in Gateshead that never proceeded, while players Gary Neville and Robbie Fowler are both well-known for their property dealings.
Fowler has lent his name to a buy to let academy offering to teach investors how to build a property portfolio ‘without a footballer’s salary’, according to the blurb.
Tim Heatley said: “We do not comment on individual investors in our investment vehicles. We can confirm that having completed £30 million of speculative development in the last two years and with £20 million of property under construction, we’re beginning to focus some of our resources towards investment in private rented communities and residential development.”