Today, Luton Town Football Club’s development company 2020 Developments announced it had agreed a deal with an investment fund advised by Morgan Stanley Real Estate Investing (“MSREI”) and the UK developer Wrenbridge, for the development of Newlands Park, a 37-acre site situated at Junction 10 of the M1.
Completed in October, the deal will go a considerable way towards securing funding for Luton Town Football Club’s new football stadium at Power Court, at the heart of Luton’s town centre via a collaboration on the delivery of this key site.
Gary Sweet, Chief Executive of Luton Town Football Club and 2020 Developments said: “We are delighted to be working with MSREI and Wrenbridge on this important milestone deal for us. Whilst we still have a lot of work to do, selling this land now means that the planned delivery of our new stadium at Power Court continues, moving us closer to realising our dream of delivering a new home for our football club, which we targeted ourselves with when we took custodianship of the club back in 2008.”
Michael Moran, Chief Operating Officer of 2020 Developments says: “Beginning with the original purchase of this site in 2015 we have followed a clear investment strategy to deliver a new stadium and meaningful regeneration on a sustainable basis. There has been enormous interest in this valuable site and we are delighted to structure a deal here that is in the best interests of the Club and its supporters.”
Ben Coles, CEO of Wrenbridge says: “We are thrilled to announce our purchase of the Newlands Park site to deliver a high-quality and sustainable scheme that will benefit the community in Luton in so many ways. The development will be a catalyst for further investment in Luton and will provide hundreds of new jobs for local people.”
Shamik Narotam, a Managing Director at MSREI, commented: “We look forward to working with Wrenbridge and 2020 Developments on developing Newlands Park. The project is consistent with our strategy of identifying and developing high-quality and sustainable employment led schemes across the South East.”
MSREI and Wrenbridge, with 2020 Developments in support, are conducting a review of current market conditions and are focused on ensuring that the Newlands Park scheme meets the demands of modern occupiers and is deliverable.
The parties are supporting the site’s existing planning applications that have a positive officer’s recommendation for the committee meeting on 5th January 2022.
Furthermore, the investment partnership approach to the site ensures a joint commitment to maximising sustainability credentials of the site such as Net Carbon Zero Construction standard as well as BREEAM ‘Excellent’ building rating and an EPC A rating, wherever possible.
Wrenbridge’s proven track record in delivering high-quality, sustainable schemes, together with MSREI’s partnership, made it the ideal purchaser to continue the good work of 2020 Developments.
Aside from the clear facilitating leverage towards the progress of Luton Town’s new stadium, the delivery of Newlands Park will have significant benefits for Luton and its community including the realisation of a long-held ambition to create a high-quality development on the site that provides jobs and economic benefit to Luton leading to the provision of a significant contribution in Gross Value Added to the local economy.