LEGAL and General are the new owners of part of the Luton Hoo Estate, Herts, marketed earlier this year, bucking the trend of most of the financial institutions which have adopted a policy of disinvestment.
Between Luton airport and the M1, the 1665 acres adjoin the Capability Green Business Park which recently sold for £250,000/ acre. About £1500/acre was paid for the tenanted Luton Hoo, showing a return of about 3.5%.
"The purchase is in line with Legal and Generals strategy to acquire land with development potential near airports, motorway junctions and main roads in the south-east," says Andrew Peterkin, Cluttons, who acted for the purchaser. *