Glenbrook buys in Rochdale, Preston
The developer has scooped up St Mary’s Gate Retail Park in the Greater Manchester town and units 1 and 2 at Preston’s Mariner’s way for a combined price of £4.9m.
Glenbrook Investments acquired the assets from fund manager Columbia Threadneedle’s UK Property Authorised Investment Fund. Both schemes are fully let – furniture and homeware stores Dunelm and Carpetright occupy the two-unit, 46,500 sq ft St Mary’s Gate in Rochdale, while the Mariner’s Way units totalling 15,000 sq ft are let to Pets at Home and cycle retailer Halfords.
The total contracted rent from both schemes is £686,470 per year at an average rent of £11.17 per sq ft, according to Glenbrook.
Agency Petch & Co and law firm Brabners acted for Glenbrook, while and agency Allsop and law firm CMS acted for Columbia Threadneedle.
Scott Griffiths, director of investment management at Glenbrook, said: “These assets have the key attributes of great tenants, prominence, accessibility, flexibility and modest rents. We have lots of options to reposition the underlying real estate and we look forward to working with our new tenants to enable their success.”
“We are actively seeking to grow our retail warehouse portfolio and would welcome new opportunities across the North West and Yorkshire.”
Glenbrook has been increasingly acquisitive in the retail property space in the past two years, last August acquiring Eastgate Retail Park in Accrington for £3m, and the previous October buying the M&S unit at Stockport’s Merseyway shopping centre from the local council for redevelopment into the 64,000 sq ft Stok office scheme, among other purchases.