Reflecting a net initial yield of 6.53%, developer Glenbrook has sold a 43,000 sq ft industrial unit at the Walton Summit industrial estate near Preston to Knight Frank Investment Management for nearly £3m.
The building, purchased by KFIM on behalf of the LCC Pension Fund, had been owned by Glenbrook since March 2017, and is occupied by door manufacturer Sliders. The company signed a new 15-year lease in May last year.
Chris Lloyd, investment director at Glenbrook, said: “Our initial objective was to retain this investment within our portfolio but the offer from KFIM was a good one, which will allow us to reinvest our monies into similar value add opportunities.”
Piers Windsor of KFIM added: “The acquisition fits well with the Fund’s requirement for industrial property within the county of Lancashire and we are always keen to work closely with vendors on an off-market basis. The property provides secure, long term income at a yield which represents good value given the strong, strategic North West location.”
Glenbrook represented itself on the deal while KFIM was advised by Wildbrook CRE. Brabners was Glenbrook’s legal representative, and Pinsent Mason acted for KFIM.