Lester Aldridge has acted for Appledore Land on the sale of Appledore Shipyard to InfraStrata in a deal worth £7 million.
The LA team led by Lucy Stevens, real estate partner, and Dean Drew, corporate partner, worked through the night to complete the sale early on August 25 in time for the reopening and visit by Boris Johnson.
The owners of Appledore Land (Langham Industries, Yoxon Trading and members of the Langham family) were delighted to see the deal complete within a tight time deadline.
InfraStrata already owns Belfast’s historic Harland & Wolff (H&W) yard and this new site will be renamed H&W (Appledore).
Opened in 1865, the Appledore shipyard has a rich history of shipbuilding. More than 200 vessels have been built there; including military craft, bulk carriers, LPG carriers, superyachts, ferries, and oil-industry support vessels.
This deal represents an important economic boost for the area and the skilled local workforce. Included in the deal is 29 acres of freehold land, 322,975 sq ft of undercover fabrication halls, 119 metre length of undercover dry-dock and 500 metres of quayside at the Newquay yard for ship repairs.
Lucy Stevens commented: “It has been really rewarding to work on a deal which has a positive impact on a whole community as well as delivering a successful completion for one of our long standing clients.”