The commercial property team at BPE Solicitors LLP has acted for Stobart, the infrastructure and support services group, in an agreement for lease with an option to purchase a 47-acre site to Ford Motor Company Limited. The option to acquire the site has been granted for the sum of £37m.
The land at Speke in Liverpool was already leased to the motor firm, but the new lease is a 20-year commitment commencing on 1 July this year and includes a significant uplift in annual rent.
Andrew Tinkler, Stobart Group Chief Executive commented: “We are delighted to have agreed terms with our tenant at Speke. This transaction creates significant value for our shareholders and reinforces Stobart’s strategy of actively managing our assets and maximising the value of our property investments.”
Rebecca Maxwell, Senior Associate with BPE Solicitors, acted on the agreement for lease and option agreement with Ford, as well as on the initial purchase of the site by Stobart Group in December 2015. She said: “Working with Stobart on this and other deals is very rewarding. Building the relationship with clients and becoming a trusted advisor on such matters is very much part of the ethos of BPE and we pride ourselves on these relationships, serving our clients interests to achieve their objectives.”
The Stobart Group purchased the 53 acre site from its previous owners, Oaktree Capital Management and Speke Properties Limited, in December of last year. The Ford Motor Company has been a tenant on the site for the past 50 years, using it to hold around 4,500 vehicles to service its operations in the Midlands and the North.