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Schofield Sweeney advise on £4.5m property acquisition
Schofield Sweeney are pleased to have advised Rolfe Carpets Ltd in respect of the purchase of Unit 1 Shorten Brook Way, Accrington, for almost £4.5m plus VAT.
The transaction involved the purchase of a large distribution hub from a bluechip I.T infrastructure firm called Exertis (UK) Ltd. Both parties agreed for a simultaneous 6-month lease back to facilitate a structured vacation of the property.
The acquisition was designed to assist Rolfe Carpets with space for long term expansion and possibly development of neighbouring land in the future. The 125,000 sq ft building will greatly improve all aspects of warehousing and logistics for Rolfe Carpets Ltd.
Barry Lockwood, managing director of Rolfe Carpets Ltd, said: “We have been looking at this property for quite some time and it is perfect for our needs in terms of location, size and quality. The building itself is relatively new and in a very good condition. Despite the obvious challenges posed by the COVID-19 situation, our solicitors Schofield Sweeney LLP were able to complete the transaction at short notice. The support from Schofield Sweeney LLP and our lenders, Yorkshire Bank Plc, was invaluable and I am delighted with the result.”
Pardeep Khela, associate solicitor in Schofield Sweeney’s commercial property team, added: “I am pleased to have assisted Rolfe Carpets with their latest acquisition. The structure of the transaction changed multiple times and become very complex in terms of the legal, tax and logistical aspects. I have developed a good working relationship with the Rolfe Carpets team and look forward to the next transaction”.