Following hot on the heels of a recent £2 million purchase of one of Chester’s Grade II listed buildings, The Pervaiz Naviede Family Trust has turned its attentions to the UK capital in another acquisition of another retail unit for £1.9 million.
This latest purchase means that The Trust headed up by Pervaiz Naviede has invested nearly £4 million in commercial property in recent months. The Trust was previously well known for its investments in the residential sector and particularly its partnerships with local councils in areas of regeneration.
Perviaz Naviede Trust Focus Shifts To Commercial Property
Following the announcement of the sale of its £58m residential portfolio to Grainger plc in January 2015 the Trust has been particularly active in the commercial sector. This marks a significant departure for the Trust with the focus now on long-term investments in premium UK real estate.
This latest deal in Deptford, Lewisham South London is again located on the high street. The unit was completed only recently in 2012 and measures 6,236 sq ft. The unit is mixed use and contains retail, office and residential spaces.
Part of the unit is currently occupied by discount retailer Poundland who have a 15-year lease on the unit generating a 6% yield on investment.
Spokesperson for the Pervaiz Naviede Trust, Rudi Falla, 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 retail unit was marketed by Singer Vielle which happens to be the first estate agent in the UK to allow properties to be bought digitally using their online buying system. Legal firm Gateley handled were responsible for handling the legal aspects of the acquisition.
Posted on: May 22, 2015