PAG in £2.5m property purchase and leaseback deal

Property Alliance Group, based in Stretford, Greater Manchester has added to its industrial portfolio, securing a deal with office furniture distributor Woodstock Leabank.

The sale and leaseback agreement has seen Alliance acquire the company’s 41,500sq ft unit in Bredbury, Stockport for £2.5m.

Woodstock Leabank has agreed a 10-year lease with Alliance for the space, paying a rent of £5.50 per sq ft.

Frank Taylor from Property Alliance Group said: “Located in Corrie Way on the Bredbury Park Industrial Estate, this property is on a well-established, prominent site.  

“Being able to purchase the building and agree a 10-year lease with the previous owner, presented an ideal investment opportunity, which adds to our growing industrial portfolio in the North West.  

“We have had previous success in Bredbury, so look forward to continuing to expand in the area and announcing further acquisitions in the region over the next 12 months.”

Joe O’Malley from Woodstock Leabank added: “This agreement enables us to stay in our property, while minimising risk and unlocking capital which we can use for further investment to support our future growth plans.”