Pizza Hut sale completed in £890k deal by investment and development business

Investment and development company Glenbrook has announced the investment sale of a retail unit on Portwood Court in Stockport to a private investor in a deal worth £890,000.

Situated adjacent to The Peel Centre and the Portwood Roundabout, the 3,189 sq ft building is leased by Pizza Hut on a 10-year lease.

The deal achieved a net initial yield of 8.95%.

Portwood Court comprises a total of 18,528 sq ft of retail accommodation across three units and is also home to Connection Flooring and The Carphone Warehouse.

Chris Lloyd, investment director at Glenbrook, said: “We are pleased to have completed on this sale, especially given the current climate.

“The asset is robust in terms of both the covenant and its location but we took the decision to exit and reinvest our capital in new opportunities.”

Both sides were unrepresented.

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, the company has a portfolio worth more than £30m and has developed commercial and residential schemes across the UK, working with funding partners such as Barings Real Estate, Moorfield and Clarion.