Property firm buys industrial facility for £2.25m

AN industrial complex in Leigh, near Wigan, has been bought by Manchester-based property company Glenbrook for £2.25m.

Commercial property adviser Matthews & Goodman, acting on behalf of Waterside Properties, a subsidiary of Kingmoor Park Properties, completed the sale of the freehold interest in the 118,000sq ft industrial facility on Bridgewater Business Park.
    
The price achieved reflects a net initial yield of about 10.6%.

The site extends to 4.5 acres and adjoins the 19-acre Bridgewater Business Park which has been retained by the vendor who is master planning a future residential development.

Dominic Evans, investment partner at Matthews & Goodman said: “Given the significant uncertainty created by Brexit, acquisitions with strong underlying fundamentals are increasingly in demand.

“The disposal was achieved in line with our client’s investment strategy despite difficult market conditions.

“The fundamentals of the opportunity, notably long term income, let off a low base rent with fixed growth, secured to a credible tenant, combined with the longer term future redevelopment potential ensured this opportunity appealed to a broad range of buyers.”

Glenbrook director Guy Butler, Glenbrook said: “Bridgewater Business Park follows on from other recent acquisitions, including The Beat in Liverpool ONE, and contributes to the balance of use and risk within the portfolio. We think the property fundamentals in Leigh are sound and we continue to look for similar opportunities.”

Legal representation was provided to the vendor by Baines Wilson, Carlisle and to the purchaser by Brabners, Liverpool.