Property investor disposes of industrial asset in £3m deal

Property development and investment company Glenbrook has sold a 43,000 sq ft industrial unit in Lancashire in a deal worth £2.955m.

Acquired by Glenbrook in March 2017 the unit on Walton Summit is occupied by Sliders (UK), an aluminium bi-folding, patio and composite doors manufacturer, which committed to a new 15-year lease in May 2018.

Speaking about the sale to to Knight Frank Investment Management (KFIM) on behalf of LCC Pension Fund, 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 at 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 in the transaction while Wildbrook CRE advised KFIM.

Brabners acted as legal advisor in the sale and Pinsent Masons represented KFIM.