Member Article

Pervaiz Naviede Family Trust acquires £1.6m Sheffield commercial site

Fargate Properties Limited, a subsidiary of the Pervaiz Naviede Family Trust, has completed the purchase of 54-56 Fargate in Sheffield for £1.6m.

The 6,096 sq ft retail and office building is located in the heart of the central shopping area of the city at Fargate.

The building is adjacent to the entrance of Orchard Square Shopping Centre. O2 (Telefónica UK Ltd) is the current ground floor unit tenant, with additional office space occupied in the basement and five upper floors.

The property was marketed and sold by Knight Frank’s Sheffield office on behalf of M & G Real Estate.

The agent acting for Fargate Properties was Manchester-based Zameero.

The deal will represent an expected annual net yield of 11%. Rudi Falla, spokesperson for the Pervaiz Naviede Family Trust, said: “Fargate represents an attractive long term investment for the Trust.

“It complements our current commercial portfolio and we are confident that it will provide a solid return on our investment due to its prime location and continued strong demand for space in this area of the city.”

Salford based, the Pervaiz Naviede Family Trust, an investment vehicle which owns and maintains a diverse range of companies and has a portfolio of more than £200m of mainly property-related assets in the UK and UAE, with investment and development interests in commercial, residential, leisure, healthcare, childcare and education.

This was posted in Bdaily's Members' News section by Clare Burnett .