The owners of the Aston Martin Formula 1 racing team brought a piece of land across from the Silverstone Grand Prix circuit to build a new factory.
Canadian billionaire Lawrence Stroll has completed a multi-million pound purchase of land across the racetrack next to the team’s existing factory.
Aston Martin has returned to F1 racing this season. The owner’s son, Lance Stroll, was 10th and Sebastian Vettel was 15th at the weekend’s Dubai Grand Prix.
The 29 hectare farmland was sold to the team by farmer and landowner Steve Tustian on the advice of Alastair Frew, head of the business property team at law firm Lodders in Midlands.
The site is across from the Silverstone circuit and surrounds the original factory.
Lawrence Stroll announced plans for a new factory when he took over the then Force India roster in mid-2018 – before renaming it Aston Martin.
Team boss Otmar Szafnauer said: “We are making progress. We are in the drafting phase now and all departments are getting their contributions to make sure it is as efficient as possible. It is online and is scheduled to open and launch in August 2022. “
Alastair Frew, partner at Lodders, said: “The deal focused on giving the F1 team an option to purchase the site.
“Our customer’s Litchlake Farm is located directly across from the Silverstone Race Circuit. The property, now owned by the Aston Martin team, is ideal for his plans to expand his base on the legendary circuit with a new state-of-the-art factory.
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“This is the second property that Mr. Tustian has sold to a motorsport company in Silverstone. He sold the first property to Eddie Jordan in 1990, and that location is now the center of the new Aston Martin facility.”
Mr. Tustian said, “Alastair has provided relevant, timely legal advice on land and real estate to enable the completion of the sale of this property.”
Lodders – with offices in Cheltenham, Stratford upon Avon, Birmingham and Henley in Arden – was assisted by Simon Harris of Howkins & Harrison Chartered Surveyors.
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