Glenbrook Investments (Glenbrook) has completed the acquisition of a multi-let industrial estate in Barnsley, Yorkshire for £4.65million.
Fall Bank Industrial Estate in Dodworth comprises eight warehouses totalling 97,761sqft (9,082.28 sqm) and is located less than two miles west of Junction 37 of the M1 motorway. The transaction reflects a 7.5% Net Initial Yield with rents across the estates low, averaging £3.75 psf. The estate is fully let with a low site density.
Speaking about the purchase, Solomon Halpern, Investment Analyst at Glenbrook, commented: “We are pleased to widen the scope of our portfolio with the acquisition of this industrial asset in Yorkshire. Fall Bank Industrial Estate provides a solid return and presents an opportunity to add value through refurbishment and improved site configuration. We look forward to delivering a more efficient and well improved multi-let industrial estate as we seek to maximise its income potential.”
Glenbrook Investments has increased its presence in Yorkshire over the last year; earlier this month, the company purchased 5-6 Commercial Street, occupied by Watches of Switzerland, in the heart of Leeds city centre from Legal & General, in an off-market deal for a price of £1.74M, reflecting a NIY of c8.8%. Glenbrook has also recently completed the refurbishment of St Albions, a converted former Church Institute in Leeds creating 31,400 sq ft of leisure, retail and office space in the city centre.
Metis Real Estate and CMS acted for Glenbrook.
The site was purchased off-market from a private vendor.