The Manchester based property business has secured the 4.9 acre site (which currently houses Home Bargain, Pets at Home, The Food Warehouse and more) as part of their acquisition strategy over the next 12 months.
Chris Lloyd, Investment Director at Glenbrook has commented on the resilience of tenants during an extremely difficult period for retailers. “Despite the negative rhetoric around retail in general, retail warehousing has positive metrics and some very resilient tenants that have continued to trade well throughout lockdown. “The locations of these parks have great connectivity and values are underwritten by alternative uses such as trade park industrial and last mile logistics. We hope and plan to acquire more assets of this nature over the next 12 months.”
Robert Millington, partner at Manchester based solicitors, Cheetham & Mortimer, commented that deals like this “have becoming increasingly dominant within the local shopping hierarchy”. Robert experts this trend to continue.
This purchase will generate over £380,000 a year in rent, representing a net initial yield of over 12%.