Commercial Property – Sale of a Development Site

Sector

Agriculture/Development.

How we helped

Acted on the sale of a development site (of circa 140 acres) to a national developer for £4,075,000. The site is strategically located in Warwickshire, adjoining the M6 and M69 motorway corridor, and was sold to a developer who intends to construct a large scale warehousing, storage and distribution lorry park (use class B8 “Sheds”). The site was sold subject to existing 5G telecoms lease and apparatus on site. This was a sale and leaseback whereby the sellers entered into a 12 month farm business tenancy. There were other occupiers on site who also entered grazing licences. The matter also necessitated a Deed of Variation and various highways issues had to be resolved.

Value

£4.075m.

Lawyers involved

Cormac Glynn.