Plans for a new football stadium at Power Court have jumped a major hurdle after the owner of Luton Town Football Club bought the remaining freehold interests of the site.
The purchase of the land from Luton Borough Council was completed last week and it means that 2020 Developments – the company which owns LTFC – now has full control of the Power Court site.
Contracts were exchanged between the two parties on Friday, with 2020 shareholders funding the purchase to assist 2020’s wider plans for Power Court and Newlands Park.
A club spokesman said: “This acquisition will simplify and bring together on to one title a complex plot that consisted of 36 separate legal titles, 12 occupational leases and 17 ground leases.”
The contracts also include an option agreement on narrowing part of the dual carriageway along St Mary’s Church in order to re-route the River Lea.
This would create a new river frontage between the stadium and St Mary’s Church.
Luton Town FC and 2020 Developments chief executive Gary Sweet said: “For over a dozen years, the land at Power Court has been broadly derelict and seen as an eyesore in the heart of Luton’s town centre, observed by 100,000 rail commuters every single working day.
“For the first time in many decades, all the ownership titles of this vitally important town centre landmark are all integrated which removes a significant barrier to development, which can only be fantastic news for the people of Luton.
“I can confirm that the funding for this plot will be drawn from our shareholders, meaning that all income will benefit the local treasury.
“I would like to thank the 2020 board for their continued support and wish to acknowledge the hard work of the property and legal teams at Luton Borough Council for their endeavours in completing this task.”
A Luton Borough Council spokesman said: “Following the decision of the council’s executive [to dispose of the land to a private buyer] on December 12, 2016, we can confirm that the sale of Power Court to 2020 Developments has now been concluded.”