From the administrators' statement

The land at Capstone Road was purchased in February 2009 with a view to completing a leaseback of the majority of the land back to Southern Water on a 15 year lease

The leaseback was duly executed upon the purchase and in March 2009, the Company procured a purchaser for the said leased land and completed a sale to Slough Estates for consideration of £3 6 mullion

The purchaser paid VAT of £540,000 to the Company however there was a question as to whether the sale was subject to VAT Following this sale, the Company was left with a residual 2 acre site to market for sale which was landlocked as it had no direct access other than via land, which was owned by an associated company, Brooke Homes Developments Limuted (‘BHD’).

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Brooke Homes (Capstone) Limited (06751692)

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