Just weeks after it announced it had amassed a £100m war chest to spend on prestige UK property The Pervaiz Naviede Family Trust has made its first two purchases.
The acquisitions — in Chester and Lytham St Annes — come after the trust’s February sale of a residential portfolio to Tyneside-based Grainger in a £58.3m disposal of 614 apartments and townhouses across the UK. Pervaiz said the sell-off would allow it to concentrate on “premium commercial property”.
Located in Chester’s historic rows, the trust has paid £2m for a Grade II listed property at 27 Eastgate Street, close to the iconic Eastgate clock. The building contains four floors, with the first two covering almost 4,000 sq ft of retail space and the upper two converted to a 2,500 sq ft apartment. The ground floor is currently let to mobile operator Vodafone.
And in Lancashire’s Lytham St Annes, the trust spent £365,000 to buy two shops, a bistro and three residential apartments on St Andrew’s Road.
Rudi Falla is spokesman for The Pervaiz Naviede Family Trust, an investment vehicle which owns a range of companies, including Salford-based property developer LPC 1. “These deals mark a new direction for the trust,” he commented.
“Both properties are in prime locations and already enjoy a healthy footfall. Each site offers excellent rental growth prospects and there is also potential to improve the properties and further increase appeal as a capital asset and rental option.
“In particular,” Falla added, “the £300m Northgate Development scheme currently underway in Chester is bringing substantial investment in the city which can only improve its retail and leisure offering.”
Both properties will be managed by LPC 1. “We are delighted to be looking after these two beautiful buildings and will be establishing how we can improve the properties to further increase their attractiveness as valuable rental units,” said LPC 1 director, Simon Ashdown.
At the March launch of its £100m fund, the trust stated it was looking for assets between £500,000 and £20m. It said its focus would be on prominently located retail centres and warehouses, opportunities to convert office space to residential use, and industrial distribution hubs benefitting from excellent motorway access.
“Having firmly established a strong track record in regenerating deprived areas through its development arm, LPC 1, the trust is now looking to diversify further into high quality commercial and residential opportunities,” explained Scott Neal, one of the trust’s advisors. “We are particularly interested in sites which offer excellent potential for increases in capital values and the ability to add value through further investment.”
The Pervaiz Naviede Family Trust has a combined property portfolio worth in excess of £200m and concentrated on UK and United Arab Emirate assets. It also has investment interests across the commercial, residential, leisure, healthcare and childcare and education sectors.
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