Property investor acquires Lancashire office scheme for over £2m

Property investment business Stable Vast (UK) Limited has purchased an office scheme in Lancashire for seven-figures.

Stable Vast (UK) Limited acquired Fairclough House, a 42,000 sq ft complex between Chorley and Adlington, for over £2m.

Set over three floors, the development comprises office accommodation set into three distinct wings along with a separate gate house and on-site parking space.

Stable Vast confirmed it is now seeking businesses to occupy the building.

Commercial property solicitor Jay Lafinhan, from the Manchester office of law firm Slater Heelis LLP, advised Stable Vast on the acquisition.

A spokesperson for Stable Vast said: “We’re delighted to have completed this latest acquisition.

“The strategic position of the property makes it an attractive proposition to tenants and we’re looking forward to welcoming new businesses.”

They added: “Our focus now turns to a strong pipeline of other opportunities at the end of this year and into 2018.”

Jay Lafinhan commented: “The transaction proved complicated as the previous tenant went into administration between exchange and completion, leaving Stable Vast responsible for significant rent arrears.

“I was able to negotiate a favourable deal whereby they were only liable for part of the substantial arrears, a major cost saving for them.”

Commercial real estate firm Colliers is the property’s letting agent.