Landmark Investments Group has acquired a 3.5-acre site on Wharf Street, Ashton-under-Lyne
Insider Media Ltd
The Bolton-based company has acquired the site through a ground rent deal structure and will lease it back to its original owner on a 150-year lease.
The transaction allows the owner to vacate the site for new premises which frees up the land for future development.
TLT acted for Landmark while Layton represented the owner of the land, who has not been named.
Mark Hawthorn, director of Landmark said: “We’ve been developing a new approach to the structure of ground rent deals for some time, particularly on land used commercially, and the site in Ashton is the first time we’ve implemented it at this scale.
“I am very pleased with the smoothness of the transaction and it is clear to me our new deal will open up many more commercial sites for future development.”
Claire Beaumont, partner at Laytons LLP, said: “Importantly it means they are now able to relocate to larger more suitable premises locally and enables them to retain the site for future development.”
Andy Bell, partner at TLT, said: “Mark is an innovative business person and has developed an excellent commercial ground rent scheme that allows land owners to release equity in their property while retaining control, and the ability to raise additional development finance.”
Landmark was founded in 2000.