Glenbrook Investments in a joint venture with HIMOR, has completed the acquisition of a large industrial estate on the Wirral from Appreciate Group PLC in a deal worth £3 million.
Located on Valley Road, the 9-acre site comprises approximately 200,000 sq ft industrial accommodation. Appreciate Group relocated its office function to Liverpool city centre in October last year but has retained part of the site on a sale and leaseback basis.
Over the next 12 months the estate will be repositioned as a multi-let industrial estate providing unit sizes ranging from 2,000 sq. ft – 45,000 sq. ft.
Legat Owen and LM6 have been appointed as joint letting agents to market the available space.
Speaking about the deal, Chris Lloyd, investment director at Glenbrook commented: “We have a long-standing relationship with HIMOR and are pleased to have completed our first acquisition under the joint venture. The remainder of the estate will be undergoing a comprehensive improvement programme in excess of £1million and we are already on site speculatively refurbishing a 45,000 sq. ft unit which will be ready to occupy in March 2021.”
HIMOR Managing Director, Mark Booth, said “We are pleased to be working with Glenbrook on this exciting opportunity. There is real potential to reposition the asset to meet the criteria of modern industrial and warehouse occupiers, so it fits very well with our acquisition strategy.”
Both parties represented themselves.