Former student housing acquired by global investors for £5.8m
A SHEFFIELD residential development has been acquired by global investors for £5.8m.
The Guernsey-based Pervaiz Naviede Family Trust purchased 25 apartments and town houses on Riverdale Road.
The sites, which were formerly student halls of residence, were completed in 2014
Rudi Falla, spokesman for the Trust, said: “We feel we’ve got a great deal with this latest acquisition.
“The properties benefit from a fantastic suburban location and we’re positive that the proximity to Porters Brook and Endcliffe Woods will prove very desirable to people looking for homes in the area.
“The Trust is expanding its portfolio focusing on high quality investments that produce a long-term income. We are currently exploring a number of opportunities across the UK.”
Mike Gorman, national residential director for CBRE, said: “Riverdale Road is a significant residential investment sale by CBRE in a desirable area of Sheffield where there is a real opportunity to add value and create a unique high end product.”
The properties were marketed by CBRE, which acted on behalf of the vendors Baker Tilly and Gateley Plc provided legal representation on behalf of the Trust.
The Trust has a portfolio of more than £200m of mainly property related assets in the UK and UAE with investment and development interests in commercial, residential, leisure, healthcare and childcare & education.
