Glenbrook adds to Yorkshire portfolio
Glenbrook Investments has bought a multi-let industrial estate in Barnsley from a private vendor for £4.65m.
Fall Bank Industrial Estate in Dodworth comprises eight warehouses totalling 97,800 sq ft and is less than two miles west of Junction 37 of the M1.
The price reflects a 7.5% net initial yield with rents across the estates low, averaging £3.75/sq ft. The estate is fully let with a low site density.
Solomon Halpern, investment analyst at Glenbrook, commented: “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 improved multi-let industrial estate as we seek to maximise its income potential.”
Glenbrook Investments has increased its presence in Yorkshire over the past year. Earlier this month, the company bought 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 £1.74m. Glenbrook 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.