Property firm completes £2m deal in Lancashire
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A property firm has bolstered its industrial portfolio with a £2m sale and leaseback deal in Morecambe.
Property Alliance has acquired Northgate Business Park, a self-contained site situated on White Lund Industrial Estate next to Lancaster Retail Park.
It includes two industrial units totalling 33,223 sq ft and a 20,912 sq ft office building.
A 12-month lease has been agreed with OCS Group, an international facilities management company.
Ian Hunter, director at Alliance said: “We are actively seeking more industrial and office opportunities to further grow our portfolio.
“This is our second acquisition on the White Lund Industrial Estate adding to a 43,500 sq ft unit we bought in 2008. It’s a site with high occupancy rates thanks to its excellent transport links, including the A683 link road that provides direct access into the estate avoiding Lancaster city centre.
“Northgate Business Park offers three distinct buildings and multiple uses, so we are confident that it will quickly attract and retain new occupiers in the future.”
White Lund Industrial Estate is the district’s principal industrial area extending to over 247 acres between Lancaster and Morecambe. Other occupiers include Stagecoach, Screwfix, Howdens Joinery, and Arnold Clark.
Alliance was advised by Ryden LLP.