Stafford car park sold in £17m deal
A surface car park in Kingsmead, Stafford, is set to host a Morrisons supermarket after it was bought by investment company LXB Retail Properties.
LXB has exchanged contracts on an option to acquire eight acres of land, which is currently being used as a surface car park on the north-eastern edge of Stafford town centre.
Stafford Borough Council and Staffordshire County Council sold the land on a subject to planning basis with an option value of £16.9m.
Morrisons has signed an agreement with LXB to lease the site on a 25-year deal.
A planning application for a 71,500 sq ft foodstore, 14,000 sq ft of associated retail and 460 car parking spaces on the Kingsmead site was submitted in November 2011 and the application is due to go to the planning committee in early 2012.
Tim Walton, chief executive of LXB Manager, said: "We are delighted to have acquired this option on a highly prominent site on the edge of Stafford town centre for the Company and, of course, to achieve LXB's third major pre-let to Morrisons."
