Continuing its run of acquisitions across Yorkshire, Glenbrook Investments has completed the off-market purchase of two industrial properties close to the M1 on Platts Common Industrial Estate in Hoyland, near Barnsley. The deal was struck with Metalliform, a long-established British manufacturer, in a £4million sale and lease back of its two premises on Chambers Road.
Earlier this year, Glenbrook Investments completed the purchase of the nearby Fall Bank Industrial Estate in a £4.65million transaction.
Metalliform, which has been established in Barnsley for over 75 years, has signed a 20-year lease of each property with fixed rent reviews at a total passing rent of £400,000 per annum, providing a low overall rent of £3.20 per sq ft. The properties provide a total of 125,000 sq ft across two sites of 5.5 acres.
The property is used by Metalliform for the design, manufacture, storage and distribution of educational furniture and arena seating products to government clients and major stadium arenas across the UK and abroad.
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. Investment will also be made to fast track Metalliform reaching Net Zero status as part of Barnsley Council’s ‘Net Zero Accelerator’ Programme.
Speaking about the deal, Scott Griffiths, Investment Director at Glenbrook, commented: “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 and Neath Raisbeck Golding Law represented the vendor.
