Investor secures new tenants for pair of commercial properties

By Tim Aldred

07 Sep 2023

Charnley Fold

A pair of commercial properties near Preston that were purchased last year by investor Patrick Murphy have secured new tenants.

Units 1-4 Charnley Fold Lane in Bamber Bridge was acquired in 2021 by PJM Property Investments, and Gaskell House on Rough Hey Road, Preston, was acquired by MM Acquisitions. Both companies are controlled by Patrick Murphy.

Since then both companies have focused on various works at the premises and in negotiating and finalising terms to re-gear and reorganise the existing leases at Charnley Fold Lane, while Gaskell House has been let to waste management and recycling firm Recycling Lives. The leases range from 10 to 20 years and add around £550,000 per annum in rental income for the two companies.

The units at Charnley Fold, off School Lane, Bamber Bridge, feature a mix of commercial units and have been leased to occupiers predominantly in the logistics and distribution sector.

Ian Robinson Transport, an established road haulage company providing haulage services throughout the UK and Europe has secured a unit at the premises.

Meanwhile, WH Bowker has expanded its operations at the Bamber Bridge site, where it operates racked warehousing and a large transport fleet that provides UK-wide next-day distribution.

In addition, Hanson Quarry Products Europe occupies land at Charnley Fold operating its ready-mixed concrete business.

Recycling Lives has expanded its presence in Preston having secured a lease at Gaskell House to create a new hub for its growing business. The new location, a short distance from its existing premises at Longridge Road and Redcar, provides newly refurbished office facilities approaching 7,000 sq ft and circa 50,000 sq ft of warehouse space for its transport department.

The Preston commercial property team at Harrison Drury solicitors advised the companies on all legal aspects relating to the purchase of the properties and completion of the lease agreements with the new tenants. The team also advised on pre-contract negotiations and drawing up heads of terms for prospective tenants.

Commercial property consultants Eckersley acted on behalf of both companies as the agent managing the various transactions. 

Simon England, partner at Harrison Drury said: "The new leases not only help our client secure long-term investment growth, they give certainty and continuity for the businesses operating there, enabling them to grow and have a positive impact on the local economy." 

A third industrial premises acquired in 2021 by PJM Property Investments Ltd, the 32,000 sq ft Cuerden Green Mill, at Sherdley Road Industrial Estate, is currently being refurbished prior to be marketed to let.

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