Rockingham Racetrack, UK

Background and Opportunity

  • Acquisition from receivership of a 340 acre plot comprising a motor race track and ancillary parking in Corby, Northamptonshire
  • Acquired in partnership with a longstanding Revcap JV partner who had been managing the property for the seller
  • Business plan to obtain consent for car storage and to consider other commercial uses

Transaction Progress

  • Race track closed down in an orderly manner and planning obtained to convert 300 acres to car storage use
  • 15 year lease signed on 63 acres with a car logistics tenant at a rent representing a yield on cost on this element of c 20%
  • Original Revcap acquisition bridge loan refinanced

Current Status

  • Advanced conversations to sell the remainder of the property