Glenbrook acquires Liverpool industrial portfolio
Manchester investment and development company, Glenbrook, has acquired an industrial property portfolio at Liverpool docklands from Acorn Industrial for an undisclosed sum, achieving a net initial yield of 13.5%.
The portfolio of 19 units across five distinct locations, in close proximity to one another, provide a total of 150,000 sq ft of accommodation.
There is also additional development land, and counts Hill Dickinson, Everton FC chairman Bill Kenwright, Peter Marsh & Sons and Aperture Solutions among the tenants.
Speaking about the purchase, Chris Lloyd, investment director at Glenbrook, said: “With all that is happening with docklands regeneration in Liverpool, through Liverpool2 and Everton’s proposed new stadium, this portfolio provides a great fit for our investment business, providing both high yielding income and the ability to add value through a refurbishment programme.”
Liverpool2 is the £400m deep water container terminal built by Peel Ports to handle some of the biggest container vessels in the world.
John Burrows at B8RE, which advised Acorn Industrial Estates on the disposal, said: “The portfolio has demonstrated a strong occupancy rate with improving rental levels, buoyed not only by major improvement works in the locality, but also a continued lack of industrial supply in the North West region.
“The sale highlights investor demand for higher yielding assets whereby purchasers are willing to commit capital expenditure to improve the property and further enhance value.”
Glenbrook is an independently-owned property company which specialises in development, investment and asset management.
Based in Manchester and headed up by directors Ian Sherry and Guy Butler, Glenbrook has completed The Keel, the first PRS scheme in Liverpool city centre.
The company has more than 500 units under construction with a further 1,200 units in various stages of planning and design.
