Jardine Motors Group has completed the sale of the company’s former Jaguar Land Rover dealership in Slough, Berkshire. The premises was sold by Rapleys. The building was available due to Jardine relocating to a nearby purpose-built 42,000 sq ft JLR dealership.
The property was purchased by Citygate, which operates a series of dealerships across north London and Berkshire. Following an ‘extensive refurbishment’, the site will reportedly represent the Skoda and SEAT brands.
The property on Bath Road comprises a 1.32 acres, including a 24,000 sq ft showroom. Rapleys states that due to the freehold nature of the property the sale generated considerable amount of interest from vehicle retailers and other businesses interested in redeveloping the site. The agent says that the property was sold for ‘well in excess of the quoting price of £5.0m’.
Daniel Cook, a partner at Rapleys commented: “We anticipated strong demand for this property and given the presence of many automotive brands in the area we suspected that a dealer group might be the ultimate purchaser.”
Mark Frostick, senior associate at Rapleys added: “This clearly shows that in spite of negative headlines about the automotive market in the press, there remains a market for prime freeholds from the sector.”
Jardine Motors Group operates more than 70 franchises nationwide and represents more than 20 brands.