Glenbrook buys in Liverpool Docklands
Glenbrook has acquired an industrial property portfolio at Liverpool Docklands from Acorn Industrial, achieving a net initial yield of 13.5%.
The 150,690 sq ft portfolio is made up of 19 units over five terraces plus additional development land, and has Hill Dickinson, Bill Kenwright, Peter Marsh & Sons and Aperture Solutions among its tenants.
Speaking about the purchase, Chris Lloyd, investment director at Glenbrook, said: “With all that is happening with docklands regeneration in Liverpool through Liverpool 2 and Everton’s proposed new stadium this portfolio provides a great fit for our investment business providing both high yielding income and the ability to add value through a refurbishment programme.”
John Burrows at B8RE, advising Acorn Industrial Estates on the disposal, commented: “The portfolio has demonstrated a strong occupancy rate with improving rental levels, buoyed not only by major improvement works in the locality, but also a continued lack of industrial supply in the North West region. The sale highlights investor demand for higher yielding assets whereby purchasers are willing to commit capital expenditure to improve the property and further enhance value.”
Glenbrook was unrepresented.