Glenbrook Investments turns a profit with Leeds retail disposal

The property company’s investment arm has sold 5-6 Commercial Street to Berens Group for £2.7m.

Weighing in at 8,037 sq ft, the asset is let in full to Popeyes Louisiana Kitchen, with its sale coming two and a half years after Glenbrook bought the property for £1.74m from L&G.

5-6 Commercial Street occupies a double-fronted position on one of Leeds’ busiest pedestrianised retail streets, just 25m from the Trinity complex. With an annual footfall of 24m, the location is surrounded by major restaurant operators including Franco Manca, Itsu, Pizza Express, Flat Iron and Chick-Fil-A.

Originally acquired from L&G in 2023 when let to jeweller Goldsmiths, Glenbrook secured Popeyes, one of the fast food sector’s most notable risers of recent years, as the new tenant and oversaw a comprehensive refurbishment.

Following the surrender of Goldsmiths’ lease, the property was fully let to Popeyes on a new 15-year FRI term with no break options, generating £190,000 per year. The property also secured an upgraded EPC ‘A’ rating.

The restaurant now provides customer dining across the ground and first floors, kitchens and staff facilities at basement level, and additional storage and staff welfare on the upper floors. A rear entrance to Pack House Yard offers dedicated servicing and access for delivery drivers.

Following completion of the tenant fit out, the new restaurant opened its doors in early 2025 to long queues.

Scott Griffiths, investment director at Glenbrook, said: “This transaction underscores our strategy of pursuing selective acquisitions of prime high street assets in major UK cities.

“Backed by Popeyes’ strong covenant and this location’s exceptional profile, the result was a first-class product that generated significant investor demand.”

Savills represented Glenbrook on the letting and Metis Real Estate Advisors advised Glenbrook on the disposal.