Law firm Ashfords has advised Maidstone Borough Council on the acquisition of a long leasehold interest in a leisure park for circa £18.7m.
Lockmeadow Leisure Park is a major commercial multi-let leisure facility in Maidstone with tenants such as David Lloyd Leisure, Frankie & Benny’s, Hollywood Bowl and Odeon Cinemas.
The scheme occupies a site extending to around eight acres and as part of the deal Odeon has agreed to extend its lease to anchor the investment.
Ashfords said the council was already the freeholder and by acquiring the lease it would be in a position to improve internal and external aspects of the site to ensure that Lockmeadow remained an important destination for the wide locality.
The Ashfords’ team was led by partner Annabel Holyoak, assisted by senior associate Simon Bailey.
Holyoak said: “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.”