Pervaiz Naviede Trust picks up Buxton assets
THE Pervaiz Naviede Family Trust has acquired three buildings in Buxton for £2m.
It has bought the freehold covering 29 apartments at Corbar Hill House, in Corbar Road, and two new build blocks.
The long leaseholds on 20 units are included in the deal and 11 of these have tenants.
The five-acre site, which has planning permission for a further 14 units, was sold by Sanderson Weatherall on behalf of the administrators of former owner Piggott Law Estates.
Trust spokesman Rudi Falla 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.”
The properties will be managed by the trust’s residential arm, LPC Living, which is based in Salford. This latest acquisition takes the value of the trust’s 650 rental properties to £70m.
It was advised by Manchester law firm Gateley and Salford property agent Zameero.
