Everards has completed the sale of brewery site to the Crown Estate.

The Crown Estate, through the Fosse Partnership, has acquired Castle Acres from the Leicestershire-based family business.

The new owner will now commit £135m to develop the 12.5 acre site, including c288,000 sq ft of retail and restaurant space.

Everards, the brewer and pub operator founded in 1849, had based its brewery, office and logistics at Castle Acres for more than 30 years.

The company is relocating to two new sites, Everards Meadows and Optimus Point, and will provide vacant possession of Castle Acres before Christmas.

Richard Everard, chairman of Everards, said: “We are delighted to have reached an agreement to sell Castle Acres to The Crown Estate, through the Fosse Partnership.

“Having already established our new logistics centre at Glenfield, Leicestershire we now look forward to developing Everards Meadows.

“The build programme, commencing in early 2018 will include a Everards office and brewery, destination food and drink units and a cycling centre.

“We look forward to all of these developments further strengthening our family business for this and successive generations.”