Land sale completes to put Formula 1 team in pole position

Alastair Frew, head of the Business Property team at Lodders.

The owners of the Aston Martin Formula 1 racing team have completed the multi-million pound purchase of a parcel of land alongside its Silverstone Race Circuit base, giving their growth plans the green light.

The 29-acres of farmland were sold to the team by farmer and landowner Steve Tustian with advice from Alastair Frew, head of the Business Property team of Midlands law firm Lodders.

“The deal centred on the granting of an option for the F1 team to purchase the site,” explains Alastair, a partner in Lodders’ real estate practice. “Our client’s Litchlake Farm is located directly opposite the Silverstone Race Circuit and the parcel of land now owned by the Aston Martin team is ideal for its plans to develop its base at the iconic circuit with a new state of the art factory.

“This is the second parcel of land Mr Tustian has sold to a motor racing company at Silverstone – he sold the first piece of land in 1990 to Eddie Jordan, and this site is now the hub of the new Aston Martin site.”

Steve Tustian adds: “Alastair has given relevant, timely land and property legal advice to enable the completion of the sale of this parcel of land.”

Lodders was assisted by Simon Harris of Howkins & Harrison Chartered Surveyors.