A global property investor has expanded its commercial portfolio in South London with the £1.9m acquisition of a retail unit in Deptford, Lewisham.
The deal is one of the first since Pervaiz Naviede Family Trust (PNFT) announced the sale of a £58m residential portfolio to Grainger plc in January of this year. It marks a new direction for PNFT as it focuses on long-term investments in premium UK real estate.
The purchase of the retail element of 124 High Street, a contemporary building that was completed in 2012, comprises a total floor plate of 6,236 sq ft as part of the development, which includes of retail, office and residential space. It is currently occupied by Poundland Limited on a 15 year lease offering a 6.0% yield.
Rudi Falla, spokesman for PNFT, said: “We saw 124 High Street’s potential as an attractive investment opportunity as it is located in the centre of Deptford’s retail district and enjoys excellent connections to Deptford Train Station and Giffin Square community space. The area is already benefitting from a large-scale regeneration programme that will amount to approximately £1bn of investment in developments and infrastructure, which looks set to further increase visitor numbers.
“The long-term lease to Poundland makes it a valuable asset in the Trust’s growing commercial portfolio and we are currently seeking similar opportunities offering high rental yields.”
The acquisition was marketed by the London office of Singer Vielle, which is the first agent in the UK to market properties that can be bought entirely digitally using an online purchase system. The Manchester office of Gateley provided legal representations on behalf of the Pervaiz Naviede Family Trust.
Posted on: August 25, 2015