A joint venture between the two developers has acquired the 200,000 sq ft Valley Business Park from retail gifting company Appreciate Group for £3m.
Over the next 12 months, Glenbrook Investments and Himor Group intend to reposition the Wirral site as a multi-let industrial estate providing warehouse units ranging from 2,000 sq ft to 45,000 sq ft each.
The nine-acre site on Valley Road comprises 200,000 sq ft of industrial accommodation. Appreciate Group relocated its office headquarters to Liverpool city centre last October but retained part of the site on a sale and leaseback basis.
The Glenbrook-Himor JV has appointed consultancies Legat Owen and LM6 as the joint letting agents to market the available space.
Chris Lloyd, investment director at Glenbrook, said: “We have a longstanding relationship with Himor and are pleased to have completed our first acquisition under the joint venture.
“The remainder of the estate will be undergoing a comprehensive improvement programme in excess of £1m and we are already on site speculatively refurbishing a 45,000 sq ft unit that will be ready to occupy next March.”
Himor managing director Mark Booth added: “We are pleased to be working with Glenbrook on this exciting opportunity. There is real potential to reposition the asset to meet the criteria of modern industrial and warehouse occupiers, so it fits very well with our acquisition strategy.”
Both parties represented themselves in the acquisition.