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Stobart Group in Liverpool property deal

29 March 2016 07:31

Stobart has entered into an Agreement for Lease and an Option to Purchase Agreement with Ford Motor Company Limited, the current tenant of 47 acres of the 53 acre investment property at Speke in Liverpool.

A six acre, long-leasehold element not used by the tenant also remains available for future development by the 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. The property under option was purchased for £15.6m.

Story provided by StockMarketWire.com

Related Company: STOB

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