Joint venture completes £3m deal for Wirral industrial estate
Glenbrook Investments, in a joint venture with HIMOR, has completed the acquisition of a large industrial estate on the Wirral from Appreciate Group in a deal worth £3m.
Located on Valley Road, the nine-acre site comprises approximately 200,000 sq ft industrial accommodation.
Appreciate Group, formerly the vouchers to Christmas hampers business Park Group, relocated its office function to Liverpool city centre in October last year but has retained part of the site on a sale and leaseback basis.
Over the next 12 months the estate will be repositioned as a multi-let industrial estate providing unit sizes ranging from 2,000 sq ft-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 Manchester-based 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.”
Mark Booth, managing director of Carrington Business Park- based HIMOR, said “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.”
Both parties represented themselves.