Glenbrook’s Investment team has completed the off-market disposal of Units 1 & 2 Mariners Way Retail Park in Preston to a US-based income fund for £3.62m reflecting a net initial yield (NIY) of 6.3%. The property was let to the strong covenants of Pets at Home and Halfords, producing an annual rent of £244,124.
Mariner’s Way, which backs on to Preston Marina, is a popular out of town retail pitch anchored by Morrison’s, with other occupiers including B&M, DFS, SCS, McDonald’s, Starbucks, Carpetright and Bensons for Beds. The sale was completed after the business plan was completed following the extension of both leases and the rebasing of rents, unlocking a full store refit by Pets at Home and latterly the purchase of the freehold from Preston City Council.
Glenbrook bought the long-leasehold on the site 18 months ago from Threadneedle UK as part of a £4.9million deal that also saw the company acquire St Mary’s Gate Retail Park in Rochdale.
Scott Griffiths, Investment Director at Glenbrook Investments, commented: “From the moment we acquired the property in March 2021, we set about positive engagement with two high calibre tenants and Preston City Council. Step by step, we repositioned the property, culminating in a high quality, institutional asset. After turning the risk metrics around, we identified a strong buyer and both parties delivered as promised.”
This transaction follows a number of recent disposals to institutions by Glenbrook Investments including the £19.85m sale of three north west industrial investments to Schroders REIT and the £4.65m disposal to Threadneedle of Eastgate Retail Park in Accrington.
Glenbrook Investments continues to manage a portfolio of retail warehouse properties including Springfields Retail Park in Newcastle Under Lyme, St Mary’s Gate in Rochdale and Newport Retail Park.
OBI acted for the buyer and Petch and Co. represented Glenbrook.
Stockport continues to add to its appeal 🎩
The vibrant town centre - home to our @hellostok building - will now officially take on the title of Greater Manchester’s Town of Culture for 2023 👏🏽
An event was held at the Hat Works this afternoon confirming the title, with Mayor of Greater Manchester @nightmayor2023 in attendance along with Councillors and The Blossoms band
#culture #stockport #building #workspace #glenbrook #manchester #investment #development
Picture @stockporttownofculture
Welcoming our newest team members 👋🏼
We’re thrilled to have expanded our team once more, with six new appointments!
Mark Edwards has been appointed as our Land and Property Director, with Sunny Johal joining us as Development Director.
In addition, Mike Armstrong has joined as a Property Manager, Mia Godfrey as Design and Marketing Manager, Louise Quinn as Property and Service Charge Accountant and Mandy Mills as PA to the Directors and Office Manager.
Speaking about the company’s growth Guy Butler, director at Glenbrook said: “This is a hugely exciting moment for Glenbrook. As we set our sights on growing our investment and development portfolios nationally, we need to ensure we have the best people with the right experience to achieve our ambition.
"These six appointments complement the exceptional team we already have created."
#marketing
#team
#design #experience
#growth
#development #people
#investment
#investment #btr
#buildtorent
#property
“Glenbrook is excited by the growth and potential in Leeds”
We’re in Leeds this week, joining industry peers @ukreiif
It’s pertinent timing therefore to read our colleague Daniel Roberts' comments on the Leeds market, in a recent piece for Yorkshire Business Insider.
In the new article Danny says: “There’s rightly a lot of noise coming out of Leeds at the moment and people see the opportunities".
Read the whole article in this month’s Insider - or you can meet our colleagues at UKREiiF all this week, including our colleague Shannon Conway who joined one of the event panel debates on Yorkshire this afternoon.
#business #growth #event #people#opportunities #UKREiiF #ukreiif2023#glenbrook
🎥 Welcome to a new dimension 🎥
Today we’d like to share with you, the very first filmed episode of the Glenbrook Official Podcast!
In this episode, our colleague Guy Butler talks with
James Whittaker, Executive Director at @peellandp about his early life and career path - giving you insight into well known places like @thetraffordcentre, Therme and Peel Waters.
James also tells us about his sporting achievements. - did you know he was the first person to ever swim the Manchester Ship Canal! A distance of 36 miles in close to 19 hours, a feat that may never be repeated. And he did it for charity, raising a staggering £1.3 million for the New Children’s Hospital Appeal.
With all these insights and more, this is an episode not to be missed. Watch and listen via the link on today’s stories or in our bio ☝🏼
#career
#share
#like #podcast
#charity
#property #propertyinvestment
#manchester
#trafford #traffordcentre
#propertyexperts
#propertystories
#glenbrook
#btr #buildtorent
All this month we’ve been sharing our social value report with you, highlighting the work we are doing in local communities and in and around the buildings we create.
We hope you’ve enjoyed reading our report. For now, Glenbrook is committed to delivering sustainable new places, bringing forward more conscious and sustainable neighbourhoods and buildings across the country.
Read more in our bio ☝🏼
#socialimpact #socialvalue #charity#goodcause #sustainability #givingback#localcommunities #glenbrook
We have been granted planning consent at appeal for a new 625,000 sq ft employment park in Wigan, Greater Manchester.
Located close to the M6 motorway, our team identified and secured the 40-acre site for development on what is one of the last allocated employment sites in Wigan.
The site has been allocated for employment use in Wigan Council’s Unitary Development Plan and forms part of the South Lancashire Industrial Estate (SLIE) Primary Employment Area.
Glenbrook submitted a hybrid application in July 2021, with an appeal application subsequently submitted in October 2022 before the decision to approve was granted.
Speaking about the decision our colleague
Dan Symonds said: “We are thrilled to receive the positive appeal decision from The Planning Inspectorate.
"Wigan has a clear pressing need for employment space, and delivery of this long standing allocated site will go some way in satisfying that demand.”
The scheme is designed by
@aew_architects with
SGi Consulting Engineers appointed as civil and structural engineers.
@geraldevellp is the planning consultant for the project.
#team
#development
#consulting
#project
#employment
#planning
#wigan
We’re attending UKREiiF next week, with our colleague and residential director Shannon Conway taking to the Yorkshire panel to discuss prospects for the region
@ukreiif connects people, places and businesses to accelerate the Levelling Up Agenda, whilst unlocking sustainable, inclusive and transformational investment across the UK
The major 3-day event brings the public sector – with every core UK city and region involved – Government, investors, funders, developers, and house builders together in Leeds
We hope to see you there!
#people
#event
#sustainable
#investment
#ukreiif
#btr #residentialproperty
#buytorent
Today marks our one year anniversary at Union - the building in Manchester that our Glenbrook team calls home
We are settled in and you are always welcome to pop by for some freshly brewed coffee ☕️
To celebrate we’re showcasing a behind the scenes look of the Glenbrook office in action; we hope you enjoy it
#home
#workspace
#manchester
#glenbrook
#offices
#team #culture
#wellbeing
#btr
#buildtorent
This past year, Glenbrook has helped great causes, including @woodstreetmission
This fantastic Manchester charity helps children and families affected by poverty in Manchester and Salford. Supporting the community for over 150 years
Among our initiatives this year was helping them arrange four trips for young people in Salford. The groups were sent on a great day out to @bewilderwood_cheshire, working and playing together. We also worked with Styal Prison who prepared packed lunches for the children to enjoy on their day
#socialimpact
#socialvalue
#charity
#goodcause
#sustainability
#givingback
#localcommunities
#glenbrook
As part of our ongoing commitment to support local communities and grass roots organisations we’re proud to share with you today the news that we’re sponsoring the @womeninproperty in Property and Women In Social Housing “Three Shires, Three Points Challenge” hosted by Freshwalks in aid of @dmsf_uk
The Three Shires, Three Points Challenge, will see participants take on a varied and challenging 26km loop (1000m+ ascent) next month. The route runs from Macclesfield Forest, incorporating the highest points in Cheshire and Staffordshire extending into Derbyshire at Three Shires Head.
DMSF is a brilliant Manchester-based charity established by Commonwealth Games gold medallist
@dianemodahl, who represented Great Britain in four Olympic Games from 1988 – 2000.
The charity draws on Diane’s early experiences as a young person from a deprived community, something that has inspired her to establish a youth foundation to help those most in need.
We’re proud to support DMSF’s efforts this summer and encourage anyone available to sign up and join in via @freshwalks and @womeninpropertynw.
All money raised will be donated directly to DMSF.
#community
#share
#property
#sports #money
#money
#help #housing
#charity
#socialvalue
#socialimpact
#glenbrook
Our Residential Director Shannon Conwayspent some time with @womeninproperty last week, being interviewed by a group of students who quizzed Shannon on the industry and her career journey to date.
Here are some pictures from the event.
📸 @womeninpropertynw
#career #event #property #students#careersinproperty #womeninproperty#glenbrook #btr
As we continue our focus on social value, today we are looking at the importance of cultivating communities which promote wellbeing.
This past year, we’ve done this by creating spaces that will serve local communities sustainably for the long term. creating landscaping and public realm, planting new trees to help local ecosystems, and investing in infrastructure to support active travel.
#help #travel #investing #wellbeing#infrastructure #health #colleaguehealth#healthandwellbeing #glenbrook
