Pervaiz Naviede begins £100m spending spree
The Pervaiz Naviede Family Trust has purchased mixed-use properties in Chester and Lytham St Annes worth £2.3m, the first of £100m of acquisitions that the trust said it plans to make across the UK.
27 Eastgate Street, Chester, is a grade two-listed retail unit on the city's main shopping street. The property was bought for £2m and comprises four storeys of accommodation close to the Eastgate clock. The first two floors contain 3,900 sq ft of retail space with the ground floor currently let to Vodafone. The upper two floors contain a 2,500 sq ft apartment.
The second site is located at 3-9 St Andrew's Road in Lytham St Annes, Fylde. The property is made up of two retail units, a restaurant and three apartments, and was bought for £365,000.
The deals are the first since the trust announced the sale of a £58m residential portfolio to Grainger in February.
Rudi Falla, spokesman for the Pervaiz Naviede, said: "These deals mark a new direction for the trust. Both properties are in prime locations and already enjoy a healthy footfall. Each site offers excellent rental growth prospects and there is also potential to improve the properties and further increase appeal as a capital asset and rental option.
"In particular the £300m Northgate Development scheme currently underway in Chester is bringing substantial investment in the city which can only improve its retail and leisure offering."
The properties will be managed by LPC 1, the Salford-based company owned by the Pervaiz Naviede Family Trust.
37 Eastgate Street was marketed by the Manchester office of CBRE and 3-9 St Andrew's Road was marketed by Allsop. Zameero acted on behalf of the Pervaiz Naviede.
