Investor drives away with Jaguar Leeds site

The site of Jaguar Leeds has been bought for £14m in a sale-and-leaseback agreement with operator Vertu Motors.

Retailer Vertu acquired took over the existing dealership from Inchcape in May 2016 and moved it to alongside its new site which was already home to its Land Rover operation.

The site, about a mile north of Leeds city centre, has been bought by a client of Aberdeen Standard Investments. A 15-year leaseback commitment has been agreed.

Vertu’s chief executive Robert Forrester said: “The sale and leaseback transaction realises a significant gain on a flagship dealership property and releases additional funds for investment in growth opportunities.”

The site had a book value of £10m and the retailer will record it as an exceptional profit in its upcoming financial statements.

Vertu Motors, which has a network of 124 sales and aftersales outlets across the UK, operates the site under the Farnell brand.