A global property development trust is continuing to grow its London portfolio with the acquisition of a £7.25m gated office development in Finsbury Park, of which the buildings have planning consent to convert into residential properties.
The Pervaiz Naviede Family Trust (PNFT) purchased Fonthill Mews in Finsbury Park, within 24 hours of it going to market. The property comprises a mixture of single and two-storey office buildings within a gated courtyard development, which are accessed via a private road. It is currently occupied by TPS Brighton Developments Ltd, who has been informed of the change of landlord.
The purchase incorporates the freehold and includes planning consent to redevelop the site into 19 high-quality residential properties consisting of 16 two-bedroom mews houses and three one-bedroom apartments, each including a parking space. There is potential for further development by way of creating extensions to provide additional residential space above the single storey buildings.
PNFT has appointed Curtins Consulting, dMFK Architects and construction company Herbert T Forrest Ltd to the scheme.
Rudi Falla, spokesman for the Pervaiz Naviede Family Trust, said: “We have been channelling our focus on growing our portfolio in London, specifically to developments that offer a good long-term investment opportunity. Fonthill Mews is a particularly promising purchase for the Trust and we are pleased to have acquired it after only 24 hours of it being released to the market.
“It is in a fantastic location for a residential development, King’s Cross St. Pancras underground station is only five minutes away, so we are confident that the site will have a successful transition into housing. The Trust is continuing to explore further investment opportunities in the capital.”
The property was marketed by Kingsbury/Allsop and Gateley provided legal representation of behalf of the Trust.
Posted on: August 25, 2015