Member Article

£2.3m of acquisitions in Chester and Lytham St Annes

The Pervaiz Naviede Family Trust has completed the purchase of commercial properties in Chester and Lytham St Annes worth a total of £2.3m

The deals are the first to be announced as part of a £100m allocation to make long term investments in premium real estate across the UK.

27 Eastgate Street, Chester, was bought for £2m, and comprises of four storeys of accommodation close to the iconic 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 presently contain a 2,500 sq ft apartment located in Chester’s historic rows.

The second site is located at 3-9 St Andrew’s Road in the prosperous seaside town of Lytham St Annes, Lancashire.

The property, which comprises two retail units, a restaurant and three apartments, was purchased for £365k.

The deals are the first since the Trust announced the sale of a £58m residential portfolio to Grainger plc earlier this year.

Spokesman for The Pervaiz Naviede Family Trust Rudi Falla, 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.

Director of LPC 1, Simon Ashdown, said: “We are delighted to be managing these two beautiful buildings and will be looking at how we can improve the properties to further increase their attractiveness as valuable rental units.”

The Chester acquisition was marketed by the Manchester office of CBRE and the Lytham St Annes site was marketed by Allsop.

Agents Zameero acted on behalf of the Pervaiz Naviede Family Trust.

This was posted in Bdaily's Members' News section by Sophia Taha .