The owners of the Aston Martin Formula 1 racing team have brought a stretch of land opposite the Silverstone Grand Prix circuit to build a new factory.
Canadian billionaire Lawrence Stroll has completed the multi-million pound purchase of a parcel of land opposite the race track, next to the teams existing factory.
Aston Martin has returned to F1 racing this season, with the owner’s son Lance Stroll finishing 10th and Sebastian Vettel finishing 15th at the weekend’s Dubai Grand Prix.
The 29-acres of farmland were sold to the team by farmer and landowner Steve Tustian with advice from Alastair Frew, head of the business property team of Midlands law firm Lodders.
The site is located across the road from the Silverstone racing circuit and wraps around the original factory there.
Lawrence Stroll announced plans for a new factory when he took over the then Force India squad midway through 2018 – prior to renaming it Aston Martin.
Team Principal Otmar Szafnauer said: “We are making progress. We are in the design phase now and all the departments are getting their input in to make sure it’s the most efficient it can be and it’s online and on target to be opened and launched in August of 2022.”
Lodders partner Alastair Frew said: “The deal centred on the granting of an option for the F1 team to purchase the site.
“Our client’s Litchlake Farm is located directly opposite the Silverstone Race Circuit and the parcel of land now owned by the Aston Martin team is ideal for its plans to develop its base at the iconic circuit with a new state-of-the-art factory.
“This is the second parcel of land Mr Tustian has sold to a motor racing company at Silverstone – he sold the first piece of land in 1990 to Eddie Jordan, and this site is now the hub of the new Aston Martin site.”
Mr Tustian said: “Alastair has given relevant, timely land and property legal advice to enable the completion of the sale of this parcel of land.”
Lodders – which has offices in Cheltenham, Stratford upon Avon, Birmingham and Henley in Arden – was helped by Simon Harris of Howkins & Harrison Chartered Surveyors.