The Pervaiz Naviede Family Trust has boosted its residential letting portfolio with the £3.2m acquisition of 45 properties in Hull. The purchase, which also includes the freehold, sees the Trust make its first foray into Yorkshire as part of a wider £10million investment in new sites across the north of England.
The executive-style apartments are in three developments less than 1.5 miles from the city centre. The sites are: -
- Pier 9, a Grade II-listed former ticket office on Nelson Street overlooking the River Humber;
- Carmichael House, two adjoining Victorian properties on Sunny Bank and
- Three detached properties on Salisbury Street including a Grade II-listed house.
All are fully let to the professional market and command a high annual rental income representing a very satisfactory gross yield.
Rudi Falla, spokesman for the Pervaiz Naviede Family Trust, said “We have identified a number of high quality schemes in good locations which are popular with young professionals looking for medium to long-term tenancies. This portfolio makes for an attractive investment and, in the longer term, we have the expertise to upgrade these properties and add value to maintain those high yields.
“The private rented sector is a growing market and provides assurance of income which allows the Trust to make further investment.
“We’re open to opportunities right across the north of England and there were several options to consider for our first move into Yorkshire. This portfolio really stood out with the high quality nature of the properties and the security of being fully let, and its proximity to the centre of Hull which, as the UK’s capital of culture for 2017, is starting to benefit from increased investment and feels very much like a city on the up.
“We have ambitious plans for this part of the business and will expand by more than 150 properties in the next quarter, taking our total portfolio to 800 units.”
The Trust-owned residential developer Salford-based LPC Living will manage the properties in Hull, alongside the existing portfolio of properties in Manchester, Liverpool, Glasgow, Nottingham and Cambridge.
Simon Ashdown, director of LPC Living, said: “As a developer we are committed to providing great homes in central locations in which people really want to live. We’re now taking that ethos across to the rental market and will continue to invest in rental properties, and apply the principles of being a good landlord to our new tenants in Hull and across the UK.”
The portfolio was marketed by agent Garness Jones on behalf of the vendor. The deal was negotiated by Niall Macpherson, Director of Investment Agency. He said “The properties are in some of the best rental developments in the city and have been finished to a high quality standard which makes them as attractive to tenants as they are to investors. Rental income has kept pace with market improvements making this an exceptional portfolio with fantastic growth potential.”