Glenbrook Investments has completed the investment sale of No. 1 Dock Road in Wallasey to a regional private investor at the asking price of £895,000. The deal completed two months after Organica signed up to the 22,505 sq ft unit on a 6.5-year lease.
Glenbrook acquired the property in June last year and, following extensive refurbishment, let the property to Organica, which supplies biodegradable and non-hazardous cleaning products, in a deal which saw the tenant consolidate its operations.
Richard Rees, Investment Director at Glenbrook, commented: “Having successfully let the 22,500 sq ft unit during lockdown, we have completed the disposal of the investment within a 14-month cycle.”
“This was a challenging refurbishment project completed on time and on budget but into the maelstrom of Covid-19. The project therefore demonstrates the demand for well refurbished space that is available for prospective tenants to move into straight away and also the requirement for higher yielding industrial investments at a time when income is harder to find.”
The property is situated on a 1.09 acre site in the Seacombe area of Wallasey on Dock Road (A5139), which connects Birkenhead town centre to Junction 1 of the M53 motorway. The Wirral Waters Development and the East Float Dock runs parallel to Dock Road.
Glenbrook and the purchaser were unrepresented.