Pervaiz Naviede Family Trust acquires Liverpool tower block for £3m

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Heysmoor Heights

Pervaiz Naviede Family Trust acquires Liverpool tower block for £3m

A Liverpool tower block has been purchased by the Pervaiz Naviede Family Trust, pushing the number of residential units acquired this year to more than 100.

Heysmoor Heights, a sixteen-storey tower block two miles south east of the city centre, in the Sefton Park area, was bought out of administration by the Trust for £3m earlier this month. The deal includes 63 recently refurbished one and two bed apartments, 49 secure parking spaces and the freehold to the building, which comprises a total of 98 units.

Rudi Falla, spokesperson for the Pervaiz Naviede Family Trust, said: “Our due diligence indicated a significant demand for high quality, affordable rental accommodation in this area given its location on the edge of Liverpool centre city. With the units finished to a very high standard this represents an excellent long-term residential investment opportunity for the Trust’s portfolio”.

The development will be managed by LPC Living, the regeneration developer owned by the Trust, which originally specialised in tower block redevelopments when it was first founded. Heysmoor Heights marks the company’s return to high-rise schemes after more than six years.

A proportion of the units purchased were let at the time of purchase with the remaining properties to be marketed by LPC Living’s in-house agents, Abode Residential. Interest in the units is reported to be high, particularly among key workers such as doctors, nurses and council workers as well as other young professionals priced out of the city centre.

Simon Ashdown, director at LPC Living, said: “We have significant experience of managing tower block developments having developed more than 750 units ourselves across the North West. We’re delighted to be managing Heysmoor Heights and we look forward to welcoming both existing and future residents.”

Heysmoor Heights is on Greenheys Road, Liverpool overlooking Princes Park. Other acquisitions by the Trust this year were located in Burnley, Cambridge and Manchester.

The Manchester office of Gateley acted on behalf of the buyer. The agent was Eddisons.

© Pervaiz Naviede Family Trust & LPC1 Ltd. 2014. All rights reserved.

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