Watling completes sale of former Monarch Airlines’ hangers to Luton Airport

Watling Real Estate has secured the sale of the former Monarch Airlines hangers at London Luton Airport to London Luton Airport Operations Ltd.

The properties at the UK’s fifth largest airport comprise three aircraft hangers totalling 150,000 sq ft with full airside access.

Watling Real Estate was instructed by David Pike and David Standish, the joint administrators of Monarch Aircraft Engineering Ltd.

Jamie Lamond, a director in the London office of Watling Real Estate, said: “Selling Monarch’s hangars at London Luton Airport represents that last piece of the jigsaw that draws a long standing administration to an end.

“Market factors, particularly the impact of Covid on the aviation sector, has led to a protracted sale but we are pleased to have finally secured the airport itself as a purchaser.

“While those who use the airport will no doubt miss the now faded Monarch logo on the hangar doors facing the terminal, the hangars will be upgraded and will form part of the ongoing infrastructure improvements the airport is implementing.

“Watling Real Estate is pleased to have been instructed to sell such iconic buildings. Having advised on, sold and leased aviation real estate across international and regional airports within the UK, we are one of the lead advisors within this specialist sector.”

The long leasehold hangers, which can accommodate wide body jets up to a Boeing 767, were marketed after the collapse of Monarch Airlines at circa £10 million, but the final agreed price is undisclosed.

Law firm Shoosmiths acted for the administrators and Freeths advised London Luton Airport Operations Ltd.

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For further information, please contact:

Jamie Lamond, Director, Watling Real Estate, 60 Cannon Street, London, EC4N 6NP

Email: jamie.lamond@watling.com. Tel: 07903 056581

Issued by ASAP PR – 07990 978257

Editors’ Note

Watling Real Estate was created on 1 June 2023 by a management buyout of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol, providing national coverage with the benefit of local and regional expertise.  It has a team of 20+ professionals offering a multi-disciplinary real estate advisory business and will immediately become one of the UK’s largest real estate restructuring consultancies.

The team, originally part of the GVA business and more recently Avison Young post-merger in 2019, is one of the most highly regarded and experienced real estate advisors operating within the restructuring and recovery marketplace. Over the past decade, the team has advised or transacted on real estate with a total value of over £11 billion, having worked on some of the most significant real estate restructuring projects in the UK.

Watling Real Estate is backed by Bassi Capital, a private family office with extensive core investments in the real estate sector including publicly listed companies, private limited companies, and joint partnerships. https://bassicapital.com/