Glenbrook flips Birkenhead unit
The investment division of developer Glenbrook Property has sold the 22,500 sq ft No. 1 Dock Road in Wallasey to a regional private investor for £895,000 just over a year after it bought the unit, making a 20% profit.
The property is situated on a one-acre site in the Seacombe area of Wallasey on Dock Road, which connects Birkenhead town centre to Junction 1 of the M53 motorway.
In May, Glenbrook let the unit to cleaning products supplier Organica UK on a 6.5-year lease at £95,000 per year.
Glenbrook acquired the property for an undisclosed sum last June from previous occupier Valvoline, an automotive services supplier, before renovating the unit.
Richard Rees, investment director at Glenbrook, said: “This was a challenging refurbishment project completed on time and on budget but into the maelstrom of Covid-19. The project therefore demonstrates the demand for well-refurbished space available for prospective tenants to move into straight away.”
Glenbrook was represented by Legat Owen and the unnamed purchaser was unrepresented.
