STOBART Group has completed a sale and lease back of its new freight distribution centre at Carlisle Airport for £16.9m.

But it says the deal with Gramercy C ORR Europe, a real estate investment fund, does not affect plans to start scheduled passenger flights and will be a “catalyst for future development” and “attract inward investment and create sustainable jobs”.

The bulk of the 315,000sq ft freight distribution centre is sub-let to haulier Eddie Stobart to provide storage space to service two long-term distribution contracts.

It was completed only last year after Stobart overcame a series of legal challenges to planning consent from nearby farmer Gordon Brown.

The company says the deal with Gramercy “justifies the group’s perseverance through a prolonged planning process” and has generated an excellent return for shareholders.

Chief executive Andrew Tinkler said: “The transaction is in line with our strategy of realising value from mature assets and creating value for shareholders.

“We believe that this development will attract further inward investment at Carlisle Airport, securing and creating jobs in the area by offering cheaper logistics solutions at a location close to the Lake District and the border with Scotland.

“There is also the opportunity for Stobart Air to create passenger air services, attracting business customers who require fast, effective transport links and giving tourists more efficient access to Cumbria and south west Scotland.”

Under the agreement, Stobart Group will lease back the distribution centre from Gramercy for an initial term of 20 years.

Carlisle Airport covers 460 acres, of which only 212 acres are required to operate the airport.

The company acquired the site in May 2009 for £9.9m to develop the remaining 248 acres for logistics and aviation-related purposes.

The distribution centre occupies 19 acres and was valued at £14.8m on the group’s balance sheet.

Stobart plans to return the proceeds of the sale to shareholders and will reveal how it will do so when it releases full-year results on May 12.

Announcing the sale to Gramercy, the company also gave an update on its plans for scheduled passenger flights from Carlisle to London Southend, Dublin and Belfast airports.

It said: “Stobart Group is working with the Civil Aviation Authority on runway and terminal safety designs in advance of refurbishment and the group is also working with its joint venture company, Stobart Air, a regional carrier with the intention of operating flights to these locations.”

Stobart Group can trace its roots to the 1970s when the business began as an offshoot of an agricultural contracting business in Hesket Newmarket.

It sold a majority stake in the Eddie Stobart road haulage business two years ago to concentrate on in its other interests including aviation, warehousing and biomass.