Stobart Group has agreed a new lease on 47 acres of its 53 acre site at Speke with the Ford Motor Company, the current tenant.
Under the new deal, Ford will pay an initial rent of £2.16m a year. It also has an option to buy the site for £37m. The property under option was purchased for £15.6m.
A six acre, long-leasehold element not used by the tenant also remains available for future development by the Stobart Group.
The Agreement to Lease with the existing tenant is based on a new 20 year lease commencing 1 July 2016 at an initial rent of £2.16m p.a. The existing rent is £1.46m p.a. The tenant also required an Option to Purchase the 47-acre site. An option to acquire the site for £37.0m has been granted, expiring on 30 June 2016.
Stobart CEO Andrew Tinkler said: “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”.
