Investment and development company, Glenbrook has announced the investment sale of the final unit on Portwood Court in Stockport to DK Commercial.
Located at the Portwood Roundabout, the 4,919 sq ft building is one of three buildings at Portwood Court, which offers 18,527 sq ft of retail accommodation. Other occupiers include German Doner Kebab, Connection Flooring and Pizza Hut. Glenbrook previously sold the Pizza Hut unit April 2020 to a private investor for £890,000.
The £545,000 deal on the final unit at Portwood Count achieved a Net Initial Yield of 10.50% for the property investors who are also the developers behind STOK, a new 64,000 sq ft modern office space that will repurpose the former M&S unit in Stockport town centre.
Speaking about the deal, Chris Lloyd, investment director at Glenbrook, commented:
“After only acquiring the whole of Portwood Court in December 2019, we have now completed the final sale and concluded our business plan. We have sold the units to investors and owner occupiers showing there is still strong interest in the retail sector for good locations.’
Cheetham and Mortimer represented Glenbrook in the sale.
Glenbrook is an independently owned property company, which specialises in development, investment and asset management. The company has a portfolio of over £30 milion and has developed commercial and residential schemes across the UK