US investors buy Preston retail units for £3.6m

An American income fund has acquired Units 1 and 2 at Mariners Way Retail Park in Preston for £3.62m.

The property is let to Pets at Home and Halfords, producing an annual rent of £244,124. 

The units sit within a retail park neighbouring Preston Marina and which is anchored by Morrison’s. Fellow retailers include B&M, DFS, SCS, McDonald’s, Starbucks, Carpetright and Bensons for Beds.

The sale was completed after the business plan was completed following the extension of both leases and the rebasing of rents, unlocking a full store refit by Pets at Home and latterly the purchase of the freehold from Preston City Council.

Glenbrook previously acquired the long-leasehold on the site 18 months ago from Threadneedle UK as part of a £4.9m deal that also saw the company acquire St Mary’s Gate Retail Park in Rochdale.

Glenbrook’s Investment's disposal produces a net initial yield of 6.3 per cent.

Scott Griffiths, investment director at Glenbrook Investments, said: "From the moment we acquired the property in March 2021, we set about positive engagement with two high calibre tenants and Preston City Council.

"Step by step, we repositioned the property, culminating in a high quality, institutional asset. After turning the risk metrics around, we identified a strong buyer and both parties delivered as promised.”