Oaktree Capital Management has sold a 53-acre site in Speke occupied by Ford Motors next to New Mersey Shopping Park to Stobart Group for £17.75m. Stobart is considering development options, including retail and logistics space.
Ford has been a tenant on the site for the past 50 years, and handles 100,000 vehicles from the facility every year servicing its Midlands and North operations.
The plot is next to New Mersey Retail Park, which has planning permission for a £60m refurbishment, including a seven-screen Cineworld, six restaurants and 31 revamped retail units.
Stobart has appointed Roebuck Asset Management to manage the site, and is considering future options for redevelopment. Stobart is in early-stage discussions with Ford as to the future of its tenancy.
When the expansion of New Mersey Shopping Park was approved in 2012, Ford bosses threatened to relocate its facility. Ford has a long leasehold on land next to New Mersey Retail Park until 2043.
Hugh Macdonald Brown, owner of Roebuck, said: “The site provides the opportunity to deliver significant value through a number of asset management initiatives. A site of this size with the potential for multiple uses is a rarity in today’s market and the business plan is underpinned by the site’s proximity to Liverpool John Lennon Airport and New Merseyside Retail Park.”