AN East Lancashire business park could soon have a new landlord after it was put up for auction for at least £400,000.

The "freehold commercial ground rent" of Clayton Business Park, Petre Road, Clayton-le-Moors, will auctioned on December 11.

This means that the successful bidder will become the landlord of the 12.83 acre industrial estate, made up of 28 units and an office building totalling about 150,000 square feet.

The estate itself is not for sale, but rent from tenants will be paid to the new landlord.

There are 21 leases currently paid on the site, all of which will run for 125 years from 1987, meaning the bidder will make a total rent of £17,921 per year.

The guide price for the lot, which the auction firm describes as "very unusual," is £400,000.

The auction is being held by London-based Colliers CRE, at the Radisson SAS Portman Hotel in the capital.

A spokesman for thefirm said: "Whoever is successful will own the freehold.

"There are 125 year leases from 1987 on all the property.

"They will own the free hold of the land and not the buildings. It's a very unusual thing.

"The buildings are owned by the long lease holders."

Tenants currently renting space include the East Lancashire Chamber of Commerce, Hyndburn and Ribble Valley Primary Care Trust and Clayton Park Bakery.