The Pervaiz Naviede Family Trust has bought two properties in Stockport and Rock Ferry for a combined £2.28m, as part of plans to expand its portfolio by £100m of assets across the UK.
Brite Court in Park Road, Gatley, is a 28,000 sq ft office on a 1.5-acre site. The property was bought for £2m.
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.
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 Guernsey-based Pervaiz Naviede Family Trust is an investment vehicle, which owns and maintains a diverse range of companies including Salford-based property developer LPC Living.