Glenbrook’s investment team has completed the off-market sale of Units 1 and 2 Mariners Way Retail Park in Preston to a US-based income fund for £3.62 million.
The property was let to Pets at Home and Halfords, producing annual rent of £244,124.
Mariner’s Way, which backs onto Preston Marina, is a popular out-of-town retail location anchored by Morrison’s, with other occupants including B&M, DFS, SCS, McDonald’s, Starbucks, Carpetright and Bensons for Beds.
The sale was completed following the completion of the business plan following the extension of both leases and rent overhaul, unlocking a full redevelopment of the store by Pets at Home and recently the purchase of full ownership of the Preston City Council.
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Glenbrook bought the long-term lease on the site 18 months ago from Threadneedle UK in a £4.9million deal that also saw the company acquire St Mary’s Gate Retail Park in Rochdale.
Scott Griffiths, Chief Investment Officer at Glenbrook Investments, said: “From the moment we acquired the property in March 2021, we established a positive engagement with two high caliber tenants and Preston City Council.
“Step by step, we repositioned the property, resulting in a high quality institutional asset.
“After reversing the risk parameters, we identified a strong buyer and both parties delivered as promised.”
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