International property developer expands North West portfolio

An international property development company has increased its portfolio in the North West by acquiring two new sites with a combined value of £2.28m.

Pervaiz Naviede Family Trust purchased Brite Court, a 1.5-acre site with a 28,000 sq ft office centre on Stockport’s Park Road, for £2m.

While the offices will be tenanted until the end of next year, the Trust expects to take vacant possession of the site in 2017. Planning permission has been granted for 24 three, four and five-bed homes priced between £300k and £600k.

Elsewhere, the company snapped up a retail unit in Birkenhead for £280k. Currently occupied by McColl’s newsagents, the Rock Ferry site comprises 2,250 sq ft of space and includes two apartments.

Rudi Falla, a spokesperson for the company, 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 [Stockport] site is in a prime location for a residential development in-keeping with its high quality suburban surroundings.”

Rudi added: “The Trust is continuing to make considered purchases across the country and is presently looking at a number of potential sites.”

Both acquisitions form part of the Trust’s £100m plan to make a series of long-term investments in UK real estate.