An office furniture distributor has earned £2.5m as part of a sale and leaseback deal on their Stockport warehouse.
The deal between investor Property Alliance and Woodstock Leabank comes as freehold owners cash in on the value of their premises.
The latest move sees Manchester-based Alliance acquire the company’s 41,500 sq 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.
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."
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."