Glenbrook Investments has completed the off-market sale and leaseback purchase of two industrial properties on Platts Common Industrial Estate in Hoyland, near Barnsley, for £4m.
Glenbrook struck the deal with British manufacturer Metalliform for two buildings totalling 125,000 sq ft on Chambers Road. Metalliform has signed a 20-year lease on each property with fixed rent reviews at a total passing rent of £400,000 per annum, providing an overall rent of £3.20/sq ft.
As part of the transaction, the parties agreed a programme of improvements to the yard and premises to enhance operational productivity and support Metalliform’s target of doubling turnover over the next five years.
Scott Griffiths, investment director at Glenbrook, said: “We have thoroughly enjoyed working with the tenant’s management team. From the first contact, it was clear they knew every opportunity and limitation of their business and how to maximise its potential. Through detailed understanding of each other’s aspirations, we were able to overcome very testing market conditions to structure a transaction that reflects both investor value, as well as delivering operational and energy efficiency gains for the tenant.”
Brabners and Zameero Real Estate acted for Glenbrook Investments. Neath Raisbeck Golding Law represented the vendor.
