A former Vospers motor dealership in Exeter has been sold for £1.7m to Ability Matters Group.
The site is a former Fiat and Alfa Romeo showroom, comprising two showrooms totalling 12,246 sq ft.
Will Jolly, consultant within the automotive and roadside department at colliers international, which brokered the deal, said: “This deal highlights the ongoing strength of demand for freehold and long leasehold property in Exeter.
“More specifically it also highlights the ongoing demand for high profile properties of this nature to the automotive market and other alternative uses.
“In fact we are also working for Vospers, jointly with Alder King and Listers respectively, in relation to Honiton Road, Exeter, and a 16-acre development site in Plymouth.”
This deal adds to the list of dealership sales in 2019, including Sytner’s sale of four Volkswagen dealerships to Johnsons Volkswagen.
The sites are located in Liverpool, Stafford, Stoke-on-Trent and Warrington.
The ex-Sytner dealerships will join Johnsons’ existing showrooms in Birmingham, Birmingham Bullring, Solihull, Sutton Coldfield, Tamworth and Willenhall.
Other notable dealership sales include Pendragon’s disposal of if its trade and assets in its Chevrolet motor vehicle dealership located in Puente Hills, California.
Scott Biehl, the operator of a privately owned dealership group, purchased the site for approximately £17.2m.
Inchcape also made sales this year, selling its Volkswagen car and van franchises in Essex to US giant Group 1 for an undisclosed sum.
The acquired dealerships are located in Chelmsford, Colchester, Romford and Southend. This acquisition is expected to generate approximately $115m (£93m) in revenues for Group1.
Inchcape has confirmed its commitment to its UK retail business following the sale of these “less productive” dealerships and its UK leasing business.
Together, the disposal of IFS, six Retail sites in Australia, three Retail sites in China and seven Retail sites in the UK will generate £250m of cash.
