PJM Property Investments has purchased 1 Aston Way, Leyland for an undisclosed sum and is undertaking a significant refurbishment of the property.
Situated on the Moss Side Development Park, the property comprises a mixture of warehouse, office and workshop facilities along with a substantial yard area and parking for over 180 vehicles.
PJM manages several large commercial properties in the region including a 20-acre industrial estate in Widnes and several properties in Preston.
The commercial property team at Harrison Drury solicitors acted on behalf of PJM Property Investments, managing all the legal aspects of the purchase.
PJM plans to let the currently unoccupied property in Leyland with a number of early enquiries already expressing an interest in the location.
Patrick Murphy, managing director of PJM, said: “This new acquisition secures our foothold in the South Ribble region as serious investors. We recognise there is strong demand for good warehouse space in the region.
“Adapting and updating buildings like this to make them more suitable for modern warehouse and industrial use will attract new business to the region.”
Rhian Hawkins, solicitor at Harrison Drury said: “It’s a great vote of confidence for the region to see people investing in commercial property in Lancashire. The Preston, South Ribble and Lancashire City Deal has been a major factor in making this area an investment hotspot.
“Patrick has a clear vision for the site and is putting in significant sums to modernise these premises. Once complete, the facility will offer a very attractive proposition for prospective tenants.”
Preston-based commercial property consultants Eckersley acted on behalf of PJM in the acquisition from Hansteen Holdings plc, with the purchase managed by director Mark Clarkson. Eckersley is also acting in the letting of the premises after refurbishment work is complete.
Mark said: “This is an excellent strategic purchase that offers PJM scope to adapt the property to make it more suitable for the wider industrial and warehouse market. The property’s previous use was very specialist, with a cellular layout that limited its adaptability to meet the requirements for this sector.
“With Patrick’s planned refurbishments, it will offer a much wider scope for businesses plus the option of letting or subletting the premises.”
PJM Property Investments is part of the group companies operated by Patrick Murphy which includes commercial vehicle specialist M M Acquisitions Ltd.