Partnership acquisition spawning non-food retail development.
Alliance acquired, as part of a property portfolio, a 1.5 acre site on the edge of Chorley town centre. The site contained a steel portal frame industrial building which was built for a specific purpose and therefore difficult to re-let.
Alliance sought interest from non-food retail operators and obtained planning consent for a 20,000 sq. ft. bulk goods retail development.
The works included the demolition of the existing buildings, the £1.8 million construction of new premises to the occupier’s exact specification and re-alignment of the road network in conjunction with Lancashire County Council.
Dixons Stores Group and CarpetRight took a 15-year lease at £260,000 pa, including five-yearly rent reviews and no breaks.