A global property developer has added to its North West portfolio with the acquisition of two properties totalling £2.28m.
The deal by the Pervaiz Naviede Family Trust includes the purchase of Brite Court, located on a 1.5 acre site on Park Road, Gatley, Stockport, was bought for £2m and is currently occupied by a 28,000 sq ft office facility.
The offices will remain tenanted until the end of 2016 and the Trust is expected to take vacant possession in 2017. The site has planning permission for 24 three, four and five bedroom homes, which would range in price from £300,000 to £600,000.
The Trust also bought a retail unit currently tenanted by McColl’s newsagents in Rock Ferry, Birkenhead, for £280,000. The 2,250 sq ft premises also includes two apartments and is the second McColl’s newsagent in the Trust’s UK portfolio.
The properties were purchased at London auction house Allsop Auction and are part of a wider £100m allocation by the Trust to make long-term investments in premium real estate across the UK.
Rudi Falla, spokesman for the Trust, said: “We are making strategic acquisitions with a view to long term gains through high rental yields and development opportunities. These two new purchases are excellent assets in the Trust’s growing North West portfolio.
“The retail unit in Rock Ferry is already tenanted by a sound business and provides the Trust a good covenant, whilst the Gatley site is in a prime location for a residential development in-keeping with its high quality suburban surroundings. The Trust is continuing to make considered purchases across the country and is presently looking at a number of potential sites.”
The Gatley and Rock Ferry acquisitions were marketed by Allsop and the Manchester office of Gatley Plc acted on behalf of the Trust.
Posted on: August 25, 2015