A grand country house built as a Lakeland retreat for the Victorian industrialist Sir William Crossley, the founder of the Manchester Ship Canal, has been converted into timeshare apartments.

Pullwood Bay on the shores of Lake Windermere was spotted by developer Harold Cowburn in Country Life magazine and he has spent the last five years negotiating the deal, getting planning permission and carrying out extensive alterations and renovations.

The first phase of five one and two-bedroom apartments has just launched and two more phases will see a total of 12 apartments - some duplexes - all with views over either the lake or the garden.

Cowburn said: "The house is one of the most impressive in the Lake District and the location will allow buyers to enjoy the peace and privacy of the area, along with amazing and ever changing views across Ambleside to Wansfell."

Access

You buy a week in an apartment owned for 80 years and that gets you access to the 50 acres of grounds, the half-mile of private shoreline and jetty, a pass to get discounts and privileges at the local golf and yacht club, equestrian centre and boat hire. The estate's boathouse is scheduled to be converted into a leisure suite with infinity pool by the end of 2007.

Blocks of time are transferable to family and friends and can be bequeathed.

Prices start at £7,500 a week in low season for a one-bed garden view unit up to £36,000 a week for a two-bed apartment overlooking the lake in high season. Each owner also has to pay annual management charges ranging from £360 for a one-bed to £430, plus vat, for the two-bed.

Added goodies in each unit include Poggenpohl kitchens, Philippe Stark sanitary ware and walnut flooring.

If you want to try before you buy they are offering a two-night midweek inspection trip for £200.

More information: www.pullwoodbay.com

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