Glenbrook lets 22,500 sq ft in Wallasey
The property developer and investor has leased a warehouse unit on Dock Road to cleaning products supplier Organica UK, on a 6.5-year lease at £95,000 per year.
Organica produces biodegradable cleaning products for clients including M&S and Wilkinsons, and is expanding due to increased demand amid the Covid-19 pandemic.
The firm’s expansion plans includes vacating three nearby units in favour of Glenbrook’s larger warehouse.
Glenbrook bought the unit from previous occupier Valvoline, an automative services supplier, last summer for an undisclosed sum, before embarking on a renovation project that is now complete.
Richard Rees, investment director at Glenbrook, said: “Given the backdrop of COVID-19, [this letting] really does go to show that there is still good demand for refurbished industrial units in the North West.”
Mark Diaper, associate director at Legat Owen, joint agent for the scheme with LM6, said: “Despite the current challenges, the warehouse market is showing resilience with companies such as Organica seeing a significant upturn in demand for its goods.
“Organica is a success story for the region and we are pleased to provide a suitable facility in the same area to support their growth, and to secure a tenant with an excellent covenant for our client.”
Organica was unrepresented in the deal. The deal follows Glenbrook’s sale of Stockport Pizza Hut for just under £1m.
