Car dealership HQ is sold for £5m

Lookers House

The headquarters of car dealership firm Lookers has been sold in a deal thought to be in the region of £5m.

The company is based in Timperley near Altrincham and is one of the largest dealerships in the country.

Carrick Real Estate, acting on behalf of Savills Investment Management, acquired and leased back Lookers offices in an off-market transaction reflecting a net initial yield of 6.68%.

Lookers House, is on Etchells Road just off the A56 Manchester Road, was acquired from Lookers, and new lease terms agreed with Lookers on 15 years with a 10-year break.

The self-contained building totals 21,000 sq ft over three storeys and has recently been refurbished to a high specification. The building has 87 car parking spaces, at a ratio of one to 242 sq ft.

Steve Carrick, partner at Carrick Real Estate, said: “The South Manchester investment market is continuing to perform well, given the strong occupier demand and limited supply.

“Lookers PLC are an excellent business and the tenant has spent a significant amount of capital expenditure on the building. We are pleased to be able to secure this deal off-market for our clients”

Carrick Real Estate acted for Savills Investment Management.

TSG acted for Lookers Plc.

Lookers has a national network of car dealerships, featuring a range of car manufacturers, including Vauxhall and Renault.

The company also has dealerships for a number of high end manufacturers, including Ferrari in Northern Ireland, and Jaguar in Northern Ireland and Scotland.

Lookers also sells agricultural vehicles, equipment and machinery.

It represents many motor brands including Peugeot, Citroën, Fiat, Hyundai, SEAT, Volkswagen, Renault, Škoda, Kia, Vauxhall and Ford.

The company also operates as Charles Hurst in Northern Ireland and as Taggarts Motor in Scotland.

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