Glenbrook acquires former Park Group HQ for £3m

Glenbrook now intends to create a new multi-unit industrial estate at what used to house the Christmas hampers operation of the former Park Group. Tony McDonough reports

Valley Business Park
Glenbrook has acquired the former Park Group Valley Road HQ for £3m

 

Property investor Glenbrook has completed the £3m acquisition of the former Park Group headquarters in Wirral.

Park Group, now called Appreciate Group, was based at the 200,000 sq ft industrial site at Valley Road in Birkenhead for many years. The company was once owned by former Everton and Tranmere Rovers owner, Peter Johnson.

Last year, Appreciate relocated its corporate HQ and the bulk of its 270 staff to 20 Chapel Street in Liverpool city centre. Most of the Birkenhead site was primarily used for the company’s Christmas hamper operations. But Appreciate is now ending the hampers operation and will focus on its core savings, vouchers and corporate rewards activities.

Glenbrook Investments is well known in the Merseyside industrial market. In September it disposed of an industrial unit in Wallasey for £895,000. It has bought the Valley Road site in a joint venture with HIMOR and, over the next 12 months will convert it to a multi-let industrial estate providing unit sizes ranging from 2,000 sq ft to 45,000 sq ft.

Legat Owen and LM6 have been appointed as joint letting agents to market the available space. Chris Lloyd, investment director at Glenbrook, said: “We have a long-standing 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 which will be ready to occupy in March 2021.”

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.”

You might also like More from author

Leave A Reply

Your email address will not be published.