January 21st, 2019
We have completed the investment sale of a 43,000 sq ft industrial unit in Walton Summit, Lancashire, to Knight Frank Investment Management (KFIM) on behalf of LCC Pension Fund, in a deal worth £2.955million reflecting a 6.53% net initial yield.
We bought the scheme in March 2017. The unit is occupied by Sliders (UK) Limited a leading aluminium bi-folding, patio and composite doors manufacturer. Sliders (UK) Limited committed to a new 15-year lease in May 2018.
Speaking about the sale, Chris Lloyd, investment director at Glenbrook, commented: “Our initial objective was to retain this investment within our portfolio but the offer from KFIM was a good one, which will allow us to reinvest our monies into similar value add opportunities.”
Piers Windsor at KFIM, continued: “The acquisition fits well with the Fund’s requirement for industrial property within the county of Lancashire and we are always keen to work closely with vendors on an off-market basis. The property provides secure, long term income at a yield which represents good value given the strong, strategic north west location.”
We represented ourselves whilst Wildbrook CRE advised KFIM.
Brabners LLP acted as our legal advisor in the sale and Pinsent Mason LLP represented KFIM.