News

The Pervaiz Naviede Family Trust has completed its first ever acquisition in Derbyshire taking the value of its private rented sector (PRS) portfolio to more than £70m. The global investor has purchased the Grade II-listed Corbar Hill House in Buxton and two neighbouring new build blocks, Wye House A and B, for £2million.

Today’s deal includes the purchase of 20 apartments, 11 of which are currently let, and the freehold to all 26 units within the imposing five-acre estate. The properties will be managed by the Trust’s residential arm, LPC Living, which is based in Salford.

The site, which is located on Corbar Road, less than half a mile from the town centre, also has planning permission for an additional 14 residential units. The Trust is currently reviewing the potential for further development while protecting the Grade II-hall and retaining the development’s character.

This latest acquisition takes the value of its 650 rental properties to £70m with sites worth a further £10m currently under construction. The Trust already owns properties in Manchester, Liverpool, Glasgow, Nottingham and Cambridge and has recently acquired units in Hull and Southport.

Rudi Falla, spokesman for the Pervaiz Naviede Family Trust, said: “This is the ideal investment for the Trust as it not only offers a good income in the short term but there is also potential to improve the development and further increase its value as both an attractive rental option and as a capital asset. The expansion of our residential portfolio is a key strategy for the Trust as we seek to invest in new properties which offer a good rental income with the ability to add value.“

Existing tenants and leaseholders have been informed of a change in landlord and the vacant units will be upgraded before being released back to the rental market by LPC Living.

Simon Ashdown, director of LPC Living, said: “The Grade II-listed house at the centre of the estate is a beautiful heritage property in which we are prepared to invest to secure its future. The new build units are a tasteful addition which complement the site well and demonstrate what can be achieved when blending old with new.

“LPC Living has built a reputation for building great homes and developing new communities and we will apply that same ethos to our rental properties. We are investing straight away in improving the vacant apartments and want to reassure current tenants and residents that we are committed to the development.”

The site was marketed by agent Sanderson Weatherall on behalf of the joint administrators Piggot Law Estates and Begbies Traynor.  The deal was negotiated by agent Neil Bestwick, he said: “Cobar Hill is an impressive site in a great location near to the centre of this historic spa town. Buxton is a popular place to call home and offers great potential with the young professional rental market, offering a semi rural setting and heritage town centre with great amenities, and easy links to the major cities of the North West, Yorkshire and the Midlands. An outstanding estate overall, the development had become a little tired in parts in recent years so we welcome the investment of an experienced developer like LPC Living.”

The Manchester office of Gateley were the legal representatives acting on behalf of the Pervaiz Naviede Family Trust with Zameero Ltd acting as broker.