Hatters property arm agrees terms to purchase Power Court land
2020 Developments (Luton) Ltd, the property arm of Luton Town Football Club, last week agreed terms with British Land PLC to purchase its freehold interests in land known as Power Court at the heart of Luton town centre.
The acquisition forms part of 2020 Developments' wider development plans in Luton including Power Court, the derelict site of a former power station, acquired by British Land in 2011.
Contracts have been exchanged between the two parties, with existing 2020 shareholders funding the purchase as an advance to facilitate development proposals forming 2020's wider plans for the Football Club's stadium relocation and helping with the Town's regeneration.
This event takes control within the group to over 70 acres of prime, strategic land so far, making Luton Town Football Club an influential stakeholder in Luton’s future progression.
Luton Town Football Club and 2020 Developments Chief Executive Gary Sweet said: “I am so pleased to be able to confirm this key deal for the Football Club and the town as a whole. It is a milestone achievement in the history of both.
“We have held positive discussions with British Land for a long time now and our relationship has always been productive, fair and always professional.
“I’d like to thank British Land and all parties involved for their co-operation and their belief in our vision for Luton. We see this as vital for the regeneration of an historic part of Luton town centre.
“I am sure that supporters will recognise the commitment made by the board to resolutely reposition Luton Town Football Club and keenly help revitalise the town."
*2020 Developments (Luton) Ltd is the sister company of Luton Town Football Club (2020 Ltd and both are wholly owned subsidiaries of 2020 Holdings (England) Ltd) established in 2015 to submit planning applications and develop property assets to include a new stadium for the football club.