Leigh industrial complex sold in seven-figure deal

Waterside Properties has sold the freehold interest of an industrial complex in Leigh to property company Glenbrook for £2.25m.

The 118,000 sq ft industrial site at Bridgewater Place, which extends to 4.5 acres and adjoins the 19-acre Bridgewater Business Park, will continue to be occupied by cable manufacturer Brand-Rex Limited on a lease expiring in 10 years’ time.

Commercial property advisors Matthews & Goodman advised Waterside, a subsidiary of Kingmoor Park Properties Ltd, along with Carlisle law firm Baines Wilson.

The Liverpool office of solicitors Brabners, meanwhile, provided legal representation for Glenbrook.

Matthews & Goodman investment partner Dominic Evans said of the transaction: “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.”

He continued: “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.”

The director of Manchester-based Glenbrook, Guy Butler, commented: “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.”