MONARCH’S FORMER ASSETS AT BIRMINGHAM AND LUTON UP FOR SALE
Work has begun to dispose of the aircraft engineering assets at Birmingham and London Luton airports of former UK carrier, Monarch Airlines.
Avison Young has been appointed to market Monarch Aircraft Engineering’s 280,000sqft property portfolio on behalf of the Joint Administrators, David Pike, Ben Leith & David Standish at KPMG.
The portfolio includes strategically located airside hangars at both Birmingham Airport and London Luton Airport, along with detached office premises and warehouse accommodation.
The Birmingham hangar comprises a ‘state of the art’ purpose-built Maintenance, Repair and Overhaul (MRO) facility extending to over 145,000sqft and capable of accommodating up to 10 narrow body aircraft. Completed in 2013, the flagship hangar includes an airside apron extending to just over 2 acres.
There is also a rare opportunity to acquire hangar space at London Luton by way of three further hangar facilities extending to over 135,000sqft, also with airside access.
Alan Ryall and Jamie Lamond from Avison Young’s national Restructuring Solutions team are leading the project.
Alan Ryall, said: “Perhaps unsurprisingly, the supply of hangars with airside access in the UK is heavily restricted. This portfolio coming to the open market provides an extremely rare opportunity to acquire significant airside facilities at two of the UK’s main airports.
“Both Birmingham and London Luton Airports are experiencing periods of growth with significant capital expenditure for development either committed or planned.
“We expect strong national and international interest in the portfolio as a whole and its constituent parts. We therefore will be exploring all interest received in order to maximise value on behalf of the Administrators.”
Interested parties requiring further information should contact Chris Davies on 0121 609 8507 or email@example.com in respect of Birmingham and Jamie Lamond on 0207 911 2123 or firstname.lastname@example.org in respect of Luton.