2020 Developments (Luton) Ltd, the property arm of Luton Town Football Club, last week completed the purchase of freehold interests in Power Court from Luton Borough Council.
The acquisition follows 2020 Developments' acquisition in 2016 of the greater proportion of the Power Court site from British Land PLC and now means that 2020 – the company that owns Luton Town Football Club – has full control of the entire Power Court site.
Contracts were exchanged and completed between the two parties on Friday, 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 acquisition will simplify and bring together into one title a complex plot that consisted of 36 separate legal titles, 12 occupational leases and 17 ground leases. The contracts also included an option agreement on part of the current dual carriageway along St Mary's Road for 2020 Developments' use for rerouting the River Lea for the creation of a new river frontage between the stadium and St Mary's Church, as is detailed in the planning application for Power Court submitted 26 months ago.
Together with the full freehold ownership of the 40-acre Newlands Park site at Junction 10 of the M1, 2020 is doing all it can, subject to planning, to deliver on a positive vision for the town and region and bring forward much-needed regeneration and economic benefits.
Luton Town Football Club and 2020 Developments Chief Executive Gary Sweet said: "For over a dozen years the land at Power Court has been broadly derelict and seen as an eyesore in the heart of Luton's town centre, observed by over 100,000 rail commuters every single working day.
"For the first time in many decades all the ownership titles of this vitally important town centre landmark are all integrated which removes a significant barrier to development, which can only be fantastic news for the people of Luton.
"I can confirm that the funding for this plot will be drawn from our own shareholders, meaning that all income will benefit the local treasury.
"I would like to thank the 2020 board for their continued support and wish to acknowledge the hard work of the property and legal teams at LBC for their endeavours in completing this task."