Glenbrook sells Preston retail for £3.6m
Having acquired the Pets at Home and Halfords stores at Mariners Way Retail Park in March 2021, the company’s investment division has now offloaded the assets after repositioning them.
Glenbrook’s £3.62m sale to a US-based income fund reflects a net initial yield of 6.3%. The units, which back on to Preston Marina, generate annual rent of £244,124.
Glenbrook bought the long-leasehold on the site 18 months ago from Threadneedle UK as part of a £4.9m deal that also saw the company snap up St Mary’s Gate Retail Park in Rochdale.
Manchester-based Glenbrook and later acquired the freehold of the Mariners Way site from Preston City Council and extended Pets at Home and Halfords’ leases and rebased their rents.
“From the moment we acquired the property in March 2021, we set about positive engagement with two high calibre tenants and Preston City Council,” said Scott Griffiths, investment director at Glenbrook Investments.
“Step by step, we repositioned the property, culminating in a high-quality, institutional asset. After turning the risk metrics around, we identified a strong buyer and both parties delivered as promised.”
OBI acted for the buyer and Petch and Co acted for Glenbrook.
This transaction follows a number of recent disposals to institutions by Glenbrook Investments, including the £19.85m sale of three North West industrial sites to Schroders REIT and the £4.65m disposal to Threadneedle of Eastgate Retail Park in Accrington.
