Burton Property Trust have paid Vauxhall Motors (part of General Motors) in excess of £12m for a 15-acre retail park site at Gipsy Lane, Luton, following a tender for the site.
Six retail park specialists bid for the site, including Citygrove, Heron and Ladbroke Retail Parks. Burton expect detailed planning consent for 135,000 sq ft of non-food retail park to be secured shortly and construction work to begin in August.
Consent is also being sought for fast food restaurants and a car wash.
Burton are still working on their proposals for the scheme prior to approaching retailers.
Burton Property Trust are advised by Healey & Baker. Richard Ellis acted for General Motors in the deal.
