Investment and development company, Glenbrook has announced the investment sale of a retail unit on Portwood Court in Stockport to a private investor in a deal worth £890,000.
Situated adjacent to The Peel Centre and the Portwood Roundabout, the 3,189 sq ft building is leased by Pizza Hut on a 10-year lease. The deal achieved a Net Initial Yield of 8.95%. Portwood Court comprises a total of 18,528 sq ft of retail accommodation across three units and is also home to Connection Flooring and The Carphone Warehouse.
Speaking about the deal, Chris Lloyd, investment director at Glenbrook, commented: “We are pleased to have completed on this sale, especially given the current climate. The asset is robust in terms of both the covenant and its location but we took the decision to exit and reinvest our capital in new opportunities.”
Both sides were unrepresented.