Partner Article

Pervaiz Naviede Family Trust completes £3.1M London Acquisition

A global property trust has announced the acquisition of two new properties in Mitcham and Blackfriars for a total purchase price of £3.1m.

The Pervaiz Naviede Family Trust (the Trust) made both purchases as part of a strategic investment into the Capital, enabling the Trust to build upon an expanding London portfolio and providing a healthy rental yield and long-term capital growth.

The £1m acquisition at 189-191 Streatham Road is a leasehold investment, spanning an area of 4,000m2 on a 995-year lease. Marketed by So Retail, the property forms part of a mixed-use scheme with Tesco on the ground floor and part of the first floor is secured on a 20-year lease.

Based between Mitcham and Tooting, the building is located in close proximity to Streatham Common and Tooting rail stations and provides excellent links to the City of London. Boasting a strong high street location, the property features prominent retail frontage on a busy arterial route.

A second purchase of £2.1m was made at a substantial island site in Blackfriars in the City of London and comprises a 6,468m2 mixed-use development. Sold by Philip Lockhart Starr, Evangelist House, 33 Blackfriars Lane, features a leisure and residential ground rent investment. Camino, a prominent Spanish restaurant, holds a 25 year fixed lease at the property and tenants the ground floor and basement. 16 long lease apartments comprise the upper three floors.

Located a stone’s throw away from Blackfriars London Underground and City Thameslink rail station, the property is situated in an attractive City location.

Rudi Falla, spokesperson for the PNFT, commented: “Location is everything in this industry - especially when making a purchase in the London metropolis. The dual acquisition truly showcases our ability to uncover attractive developments that will generate a sound investment, and provide excellent rental yields. As our London portfolio progressively expands, we are seeking out a diverse mix of high quality properties for residential and commercial investment purposes.”

Manchester based law firm Gateley Plc advised the Trust on both deals.

This was posted in Bdaily's Members' News section by Helen Salvin .