Jolivet buys in Wirral

The Guernsey-based investor has acquired a 132,226 sq ft industrial unit in Wirral Business Park from Morley Estates.

Bromborough Point is home to three tenants, Inspirations Wholesale, Same Day Beers and TWA Logistics.

The building was on the market for £2.2m, reflecting a net initial yield of 14%.

Simon Storer, head of Jolivet Investments, said: "Bromborough Point represented an excellent opportunity to acquire a high yielding property in an excellent location and we were pleased with the deal that we managed to negotiate, which included new lease terms for one of the existing occupiers meaning that the forthcoming breaks were removed."

Jolivet Investments has recently acquired several properties throughout the North West including Quay Business Centre in Warrington, Moorgate Point, Knowsely and International House in Speke.

Storer added: "Over the past year we purchased investments currently worth in the region of £10m and Bromborough Point is the latest addition to our newest portfolio. Our aim is to continue to add to this portfolio through the acquisition of similar sized properties – in particular good quality secondary industrial stock – over the next 18 months to build the property portfolio by in excess of £50m and we currently have several more properties under offer."

B8 Real Estate advised Morley Estates. Jolivet Investments was unrepresented.