Significant land sale a boost for Lutterworth

Directors, Michelle Mills and Andrew McFarlane Holt, Wells McFarlane on the land recently sold to Tungsten Properties Ltd.

Leicestershire-based chartered surveyors and property consultants, Wells McFarlane, have announced the completion of one of its most strategically important land deals.

Acting on behalf of Hallam Land Management Ltd, the firm has negotiated the sale of 8.02 acres of land, which is situated north of Lutterworth Road, Leicestershire and adjacent to junction 20 of the M1 motorway. A major commercial opportunity, the site included 5.49 acres with outline planning permission for business use (Class B1a) development, comprising 122,153 sq ft office space, public open space, landscaping and sustainable drainage features. The remainder of the agricultural land was classified as floodplain.

“Unsurprisingly, demand for this site, with its prime location and outline planning permission, was exceptionally high,” explains Andrew McFarlane Holt, director at Wells McFarlane. “As a local firm, we have taken a keen interest in development surrounding the town and welcomed the opportunity to market this land for Hallam Land Management. Its sale is significant, particularly in terms of the expansion opportunities, job creation and future investment for Lutterworth.”

Purchasers of the site were Hinckley-based property developers, Tungsten Properties Ltd, a company with extensive experience in developing similar sites in both Leicestershire and Northamptonshire.

Jeff Penman, managing director, Tungsten Properties commented: “Land in this area has become highly sought-after, largely because of its location within the ‘golden triangle for distribution’. This was an exciting investment opportunity, with huge potential to contribute to the existing and thriving local business community. We were extremely pleased to secure the sale and look forward to working with Wells McFarlane as we proceed with development.”