Property development and investment company Glenbrook has announced the investment sale of a 43,000 sq ft industrial unit in Walton Summit, Lancashire, to Knight Frank Investment Management (KFIM) on behalf of LCC Pension Fund, in a deal worth £2.955million reflecting a 6.53% net initial yield.
Acquired by Glenbrook in March 2017 the unit is occupied by Sliders (UK) Limited a leading aluminium bi-folding, patio and composite doors manufacturer. Sliders (UK) limited committed to a new 15-year lease in May 2018.
Speaking about the sale, Chris Lloyd, investment director at Glenbrook, commented: “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 at KFIM, continued: “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.”
