Pennine IM flips Barnsley industrial
Glenbrook’s investment division has sold an industrial development on Chambers Road in Hoyland to an unnamed French trust for £5.4m.
The freehold investment is made up of two warehouses totalling 121,300 sq ft on Platts Common Industrial Estate. The properties are let in their entirety to Metalliform Holdings, a furniture manufacturer for schools. One hundred people are employed on site.
Pennine IM enhanced the buildings and strengthened the overall investment proposition ahead of the sale. Following completion of the works, the aggregate passing rent increased to £496,000 a year. The leases run until 2043.
At the £5.4m sale price, the transaction reflects an initial yield of approximately 8.6%.
Scott Griffiths, director and head of Pennine IM, commented: “Significant lease structuring works as part of the acquisition created a high quality, long dated income stream with guaranteed growth. Additional capital works during the hold increased the rent and repositioned the real estate ready for sale.”
Scott Gemmell of Northcap, and Brabners Liverpool office acted for Pennine IM.
