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Property investors, Glenbrook, the developers behind STOK, the transformation of Stockport’s former M&S site, have let a warehouse unit in the Wirral despite the economic impact of Covid-19.
STOK developers completed an extensive refurbishment of the industrial unit ahead of the deal, after purchasing the site in Summer 2019. Investment in the property included a removal of existing plant and fittings, new roof and cladding, and new roller shutter and loading doors, as well as updating the interior. Work finished on the refurbishment only a week ago.
Richard Rees, investment director at Glenbrook, said:
We are pleased to have completed this letting only a week after finishing the refurbishment works and given the backdrop of COVID-19.
“It really does go to show that there is still good demand for refurbished industrial units in the North West.”
The developer and investor have a let a 22,500 sq ft unit in Wallasey, to Organica UK, a cleaning products supplier, on a six-and-a-half year lease. Organica supply biodegradable cleaning products to high street chains including Wilko and Marks & Spencer and have seen demand spike due to the coronavirus outbreak.
The unit is situated on a 1.09 acre site, on Dock Road, which links Wallasey with larger Birkenhead and the M53 motorway.
Mark Diaper, Associate Director at Legat Owen, joint agents for the scheme with LM6, said:
Despite the current challenges, the warehouse market is showing resilience with companies such as Organica seeing a significant upturn in demand for its goods.
“Organica is a success story for the region and we are pleased to provide them with a suitable facility in the same area to support their growth and to secure a tenant with an excellent covenant for our client.”
Organica was unrepresented in the deal, which follows the STOK developer Glenbrook’s recent sale of Stockport’s Pizza Hut until, also during the coronavirus pandemic.