Glenbrook sells Stockport Pizza Hut
The investor and developer has sold the 3,100 sq ft unit at Portwood Court to a private investor for £900,000 as it looks to reinvest in “new opportunities”.
Situated opposite the Peel Centre and next to the Portwood roundabout, the building is occupied by Pizza Hut on a 10-year lease. The sale price represents a net initial yield of 8.95%.
The restaurant is currently closed due to restrictions imposed by the government in light of the coronavirus pandemic.
Portwood Court comprises a total of 18,528 sq ft of retail accommodation across three units and is also home to Connection Flooring and the Carphone Warehouse.
Chris Lloyd, investment director at Glenbrook, said: “We are pleased to have completed on this sale, especially given the current climate. The asset is robust in terms of both the covenant and its location but we took the decision to exit and reinvest our capital in new opportunities.”
Both sides were unrepresented in the deal.
Glenbrook is also bringing forward a 64,000 sq ft office-led redevelopment of the former Marks & Spencer unit in Stockport, rebranded Stok, which it purchased from M&S for an undisclosed sum last year.