Property Alliance Group’s Lee Charnley has resigned as a director at the Manchester-based firm and incorporated his own North West company.
Charnley – a well-known property figure in the region – has registered as a director with three newly incorporated firms under the Thorngrove brand.
Charnley headed PAG’s industrial business after joining from Lambert Smith Hampton 16 years ago.
Thorngrove Land and Property will pursue opportunities inside and outside the industrial sector, while retaining a focus in the North West.
PAG was founded in 2003 by David Russell and owns £190m of mixed-use property. Its portfolio includes several high-profile offices and developments in the North West, including Manchester’s Axis tower, which it owns with Development Securities. It has also undertaken several joint ventures on large-scale projects.
According to its latest set of results, Trafford Park-based PAG’s turnover for the year to 29 June 2014 was £28m and operating profit was £8.7m.
