Glenbrook has paid £2.25m to Waterside Properties, a subsidiary of Kingmoor Park Properties, for a 118,000 sq ft industrial property at Bridgewater Business Park in Leigh.
The property is occupied by specialist cable manufacturer, Brand-Rex, on a lease expiring in 2026. The price achieved reflected a net initial yield of 10.6%.
The site extends to 4.5 acres and adjoins the 19-acre Bridgewater Business Park which has been retained by the vendor who is masterplanning a future residential development.
Dominic Evans, investment partner at Matthews & Goodman, said: “Given the significant uncertainty created by Brexit, acquisitions with strong underlying fundamentals are increasingly in demand. The disposal was achieved in line with our client’s investment strategy despite difficult market conditions. The fundamentals of the opportunity, notably long term income, let off a low base rent with fixed growth, secured to a credible tenant, combined with the longer term future redevelopment potential ensured this opportunity appealed to a broad range of buyers.”
Manchester-based Glenbrook acquired the property co-investing with partners for its investment portfolio, which focuses on long-term asset management opportunities.
Guy Butler, director of Glenbrook, said: “Bridgewater Business Park follows on from other recent acquisitions, including The Beat in Liverpool ONE, and contributes to the balance of use and risk within the portfolio. We think the property fundamentals in Leigh are sound and we continue to look for similar opportunities.”
Legal representation was provided to the vendor by Baines Wilson, Carlisle and to the purchaser by Brabners, Liverpool.