Sheffield residential development sold for £5.8m

A collection of apartments and townhouses in Sheffield has been purchased for £5.8m by a global property trust as part of an investment into residential properties in the city.

The Pervaiz Naviede Family Trust acquired 25 high quality units, located in a residential development on Riverdale Road, two miles west of Sheffield city centre.

The purchase, which features 13 two-bedroom apartments and 12 three-bedroom townhouses, fronts on to Endcliffe Woods and overlooks nearby Porter Brook.

The development, which was completed in 2014, is located on a site formerly occupied by student halls of residence.

Rudi Falla, spokesman for the Trust, said: “We feel we’ve got a great deal with this latest acquisition. The properties benefit from a fantastic suburban location and we’re positive that the proximity to Porters Brook and Endcliffe Woods will prove very desirable to people looking for homes in the area. The Trust is expanding its portfolio focusing on high quality investments that produce a long-term income. We are currently exploring a number of opportunities across the UK.”

Mike Gorman, national residential director for CBRE, added: “Riverdale Road is a significant residential investment sale by CBRE in a desirable area of Sheffield where there is a real opportunity to add value and create a unique high end product.”

The properties were marketed by CBRE, which acted on behalf of the vendors Baker Tilly and Gateley Plc provided legal representation on behalf of the Trust.

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