A global property investor has completed the purchase of a £1.55m garage in Camden, adding to its London portfolio.
The Pervaiz Naviede Family Trust (the Trust) has acquired the Kwik-Fit automotive repairs centre, on Camden Road, Islington. The purchase includes the freehold and comprises 7,300 sq ft premises with residential space to the upper floors.
The building is located two miles from the centre of Camden Town and is currently 10 years into a 25-year lease with Kwik-Fit.
Rudi Falla, spokesman for the Trust, said: “The acquisition represents a solid investment for the Trust as it provides a good rental income from an excellent tenant in Kwik-Fit. The expansion of our commercial portfolio is a key strategy for the Trust as we seek to invest in new properties which offer a good rental income.”
The Trust was advised by agents Zameero and purchased at the London auction house Allsops Auction. It is part of a wider £100m allocation by the Trust to make long-term investments in premium real estate across the UK.
This is the second London acquisition made by the Trust this year following the purchase of 124 High Street, Deptford. The retail element of the building was bought for £1.9m and is currently occupied by Poundland.
Posted on: August 25, 2015