Law firm Ashfords LLP has advised Maidstone Borough Council in the acquisition of the long leasehold interest in Lockmeadow Leisure Park, Maidstone for circa £18.7m. Lockmeadow is Maidstone’s major commercial multi-let leisure facility with tenants such as David Lloyd Leisure, Frankie & Benny’s, Hollywood Bowl and Odeon Cinemas. The scheme occupies a site extending to around 8 acres and as part of the deal Odeon agreed to extend its lease to anchor the investment.
The Council was already the freeholder and by acquiring the lease it will be in a position to improve internal and external aspects of the site to ensure that Lockmeadow remains an important destination for the wide locality.
The Ashfords’ team was led by Annabel Holyoak, Partner, assisted by Simon Bailey, Senior Associate. Annabel and Simon advise both public and private sector clients in the acquisition of investment properties and generally on a range of commercial real estate matters.
Annabel commented: “It was a pleasure to act for Maidstone Borough Council in this important purchase which I am sure will result in big improvements to the Lockmeadow leisure offering.”