A large Merseyside industrial estate previously home to historic gifting firm Appreciate Group has been sold to a joint venture for £3m.
The nine-acre Valley Road site comprising of around 200,000sq ft industrial accommodation was sold to Glenbrook Investments' joint venture with land and property group HIMOR.
It comes after Appreciate Group relocated its office function to Liverpool city centre in October last year - but retained part of the site on a sale and leaseback basis.
Over the next 12 months, the estate will be repositioned as a multi-let industrial estate providing unit sizes ranging from 2,000 sq ft to 45,000 sq ft.
Legat Owen and LM6 were appointed as joint letting agents to market the available space.
Chris Lloyd, investment director at Glenbrook said: “We have a long-standing relationship with HIMOR and are pleased to have completed our first acquisition under the joint venture.
"The remainder of the estate will be undergoing a comprehensive improvement programme in excess of £1m and we are already on site speculatively refurbishing a 45,000 sq ft unit which will be ready to occupy in March 2021.”
HIMOR Managing Director, Mark Booth, added: “We are pleased to be working with Glenbrook on this exciting opportunity. There is real potential to reposition the asset to meet the criteria of modern industrial and warehouse occupiers, so it fits very well with our acquisition strategy.”
Both parties represented themselves.
