An industrial complex in Merseyside that is let to multiple tenants has changed hands in a deal worth £1.2m. Tony McDonough reports
Property investor and developer Glenbrook has sold an industrial complex in Merseyside, let to multiple tenants, in a £1.2m deal.
Located on Effingham Street in Bootle, the property comprises 11 units totalling 44,802 sq ft. Current occupiers at the site include Mr Chef, Faulkner Holdings and A & B Services.
Glenbrook sold the asset to an unnamed private investor, achieving a net initial yield of 7.16%. Net initial yield is annual rental income – in this case around £85,000 – expressed as a percentage of the capital value of the asset. Both parties were unrepresented and Brabners LLP acted for Glenbrook on the legals.
Chris Lloyd, investment director at Glenbrook, said: “We purchased this terrace in 2018 as part of a wider industrial portfolio and the original business plan was to hold this asset for 10 years.
“However, since the original acquisition we have seen demand from both occupiers and investors increase exponentially. We therefore took the decision to dispose of the asset with a view to reinvesting the proceeds into more add value opportunities.”
Glenbrook is an independently owned property company, which specialises in development, investment and asset management. It is based in Manchester and headed up by directors Ian Sherry and Guy Butler. It has a portfolio valued at more than £50m.