Pervaiz Naviede buys Sheffield block
SALFORD-based Pervaiz Naviede Family Trust has bought a retail and office building in Sheffield city centre for £1.6m.
It has acquired the 6,096 sq ft retail and office building at 54-56 Fargate in the heart of the central shopping area adjacent to the Orchard Square Shopping Centre.
The ground floor is let to mobile phone retailer O2 and office space in the basement and five upper floors is also occupied.
Rudi Falla, spokesperson for Salford-based Pervaiz Naviede Family Trust, said: “Fargate represents an attractive long-term investment for the trust. It complements our current commercial portfolio and we are confident that it will provide a solid return on our investment due to its prime location and continued strong demand for space in this area of the city.”
The Pervaiz Naviede Family Trust is an investment vehicle, which owns and maintains a diverse range of companies including Manchester-based property developer LPC Living. It has a portfolio of more than £200m, with mainly property-related assets in the UK and UAE and investment and development interests in commercial, residential, leisure, healthcare, childcare and education.
Fargate was marketed and sold by Knight Frank’s Sheffield office on behalf of M&G Real Estate. The trust conducted the deal through a subsidiary called Fargate Properties which was represented by Manchester-based Zameero. The deal will represent an expected annual net yield of 11%.
