Property firm continues acquisition spree with £5m deal
Glenbrook Investments has completed the acquisition of St Mary’s Gate Retail Park in Rochdale and Units 1 and 2 at Mariner’s Way in Preston from Threadneedle’s UK Property Authorised Investment Fund for £4.9m.
Both schemes are fully let.
Dunelm and Carpetright occupy St Mary’s Gate while Mariner’s Way is let to Pets at Home and Halfords.
The total contracted rent from both schemes is £686,470 per annum with an average rent of £11.17 per sq ft.
The total floor area across both schemes is over 60,000 sq ft.
In August last year, Manchester-based Glenbrook Investments acquired Eastgate Retail Park in Accrington for approximately £3m and since this time the investor has been actively seeking further opportunities in the sector.
Scott Griffiths, director of investment management at Glenbrook, said: “These assets have the key attributes of great tenants, prominence, accessibility, flexibility and modest rents.
“We have lots of options to reposition the underlying real estate and we look forward to working with our new tenants to enable their success.”
He added: “We are actively seeking to grow our retail warehouse portfolio and would welcome new opportunities across the North West and Yorkshire.”
Petch & Co. and Brabners acted for Glenbrook and Allsop and CMS acted for Threadneedle.