Property Alliance Group has bolstered its industrial portfolio with a £2m sale and leaseback deal...
Business Park fully let after two new deals
Property Alliance Group has secured two lettings totalling 46,500 sq ft at Northgate Business Park on the White Lund Industrial Estate in Morecambe.
The scheme, which is now fully let, was acquired by Alliance in 2020. Comprising three buildings, the site was refurbished and reconfigured to offer a Grade A office facility and two industrial units.
SCS Logistics has agreed a 10-year lease for a 26,500 sq ft industrial unit and Advanced Bacterial Sciences (ABS) has taken all 20,000 sq ft of office space on a 10-year lease.
ABS, which creates, manufactures and sells cost effective environmentally friendly carbon reducing microbial solutions for a range of pollution and maintenance problems, is working with Alliance to create a bespoke research and development laboratory facility at the new site, while providing Grade A office accommodation for up to 50 members of staff. The aim is to create a global centre of excellence and an innovation hub to attract other complementary start-ups to the area.
Ian Hunter, Director at Alliance said: “ABS will benefit from the site’s accessible location and our ability to create a purpose-built space that meets their specific needs. Having worked with similar companies in the life sciences sector to create specialist laboratories within our schemes, we have the skills and experience to support ABS and its growth plans.”
Gareth Hughes, Executive Chairman at ABS, added: “ABS currently has 16 scientists and is looking to increase this to 50 over the next 18-24 months. Our chief scientists obtained their PHDs at Lancaster University which has a strong environmental focus across a number of disciplines and attracts the scientific talent we are looking to hire. When we were looking where to locate our R&D HQ, this was an important consideration.
“We also continue to receive fantastic support from the Lancashire Enterprise Partnership and the East Lancashire Chamber of Commerce, and have received funding from RedCAT, the Lancashire Centre for Alternative Technologies, and Maven Capital Partners.”
Duxburys Commercial and Robert Pinkus & Co LLP advised Alliance on the two lettings.
The new tenants join Rentokil Initial which agreed a five-year lease in 2021 for the 7,000 sq ft industrial unit.