Developer bolsters portfolio with £4m business park acquisition
Manchester developer Property Alliance Group has bolstered its industrial and commercial portfolio with the acquisition of Lowton Business Park in Wigan for £4.15m.
Located just off the A580 East Lancashire Road, the multi-let scheme comprises serviced offices spanning 25,000 sq ft and 30,000 sq ft of industrial space and outdoor storage.
The acquisition was secured with a facility from IM Capital and Westbrooke Capital.
The deal will see Alliance invest a further £2m in refurbishing and repositioning the business park.
The improvement plans will expand the on-site storage, remodel the offices and enhance the scheme’s amenity, security, signage and external appearance.
Solar panels will also be installed on the roof to improve energy efficiency.
Rodney Hunt, investment director at Alliance, said: “We are continuously seeking investment opportunities across all sectors, with a focus on acquisitions that enable us to add value. Lowton Business Park is a high yielding development offering excellent potential for further improvement, aligning perfectly with our investment strategy.
“Our new partnership with IM Capital and Westbrooke Capital provides us with the resources and flexibility to quickly transform the site. We will be using our asset management expertise to deliver upgrades that respond to local needs, ensuring the park can continue to attract and retain a diverse tenant mix.”
Tenants at Lowton Business Park include ATG Airport, Far Logistics, Dolce and Commhoist.
Davies Harrison acted for Alliance and Ahern Property Consultants represented the vendor.