An industrial complex on Leigh’s Bridgewater Business Park has been sold to property firm Glenbrook for £2.25 million.
The 118,000 sq ft site is occupied by specialist cable manufacturer, Brand-Rex Limited on a lease expiring in 2026.
Waterside Properties, a subsidiary of Kingmoor Park Properties Ltd, sold the property but has retained the adjoining 19-acre Bridgewater Business Park as it is master planning a future residential development.
Dominic Evans, investment partner at Matthews & Goodman, which advised on the sale, says: “Given the significant uncertainty created by Brexit, acquisitions with strong underlying fundamentals are increasingly in demand. The disposal was achieved in line with our client’s investment strategy despite difficult market conditions.
“The fundamentals of the opportunity, notably long term income, let off a low base rent with fixed growth, secured to a credible tenant, combined with the longer term future redevelopment potential ensured this opportunity appealed to a broad range of buyers.”
Guy Butler, director of Manchester-based Glenbrook which focuses on long-term asset management opportunities, adds: “Bridgewater Business Park follows on from other recent acquisitions, including The Beat in Liverpool ONE, and contributes to the balance of use and risk within the portfolio.
“We think the property fundamentals in Leigh are sound and we continue to look for similar opportunities.”
Legal representation was provided to the vendor by Baines Wilson, Carlisle and to the purchaser by Brabners, Liverpool.