Trust Announces Deals worth £2.35m


Eastgate, Chester

Trust Announces Deals worth £2.35m

The Pervaiz Naviede Family Trust has today announced two commercial deals in the north west worth worth in excess of £2.35m.

The first is a Grade-II listed property at 27 Eastgate Street, Chester (pictured) which sits on the city’s principle shopping street, close to the iconic Eastgate clock. The building, which was purchased for £2m, contains four floors of accommodation. The first two floors comprise 3,900 sq ft of retail space with the ground floor currently let to Vodafone. The upper two storeys contain a 2,500 sq ft apartment located in Chester’s historic rows.

The second deal is situated at 3-9 St Andrew’s Road in the affluent town of Lytham St Annes, Lancashire. The site, which comprises two shops, a bistro and three residential apartments, was purchased for £365,000.

Today’s deals are the first to be announced following the creation of a £100 fund to invest in premium real estate across the UK. The news comes just two months after the Trust announced the sale of a £58m portfolio to Grainger plc.

Rudi Falla, spokesman for The Pervaiz Naviede Family Trust said: “These deals mark a new direction for the Trust. Both properties are in prime locations and already enjoy a healthy footfall. Each site offers excellent rental growth prospects and there is also potential to improve the properties and further increase appeal as a capital asset and rental option. In particular the £300m Northgate Development scheme currently underway in Chester is bringing substantial investment in the city which can only improve its retail and leisure offering.”

The properties will be managed by LPC 1, the Salford-based company owned by The Pervaiz Naviede Family Trust.

Simon Ashdown, director of LPC 1, said: “We are delighted to be managing these two beautiful buildings and will be looking at how we can improve the properties to further increase their attractiveness as valuable rental units.”

CBRE marketed the Chester property; the Lytham St Annes site was marketed by Allsop. Agents Zameero acted on behalf of the Pervaiz Naviede Family Trust.

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

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