Car dealership chain Lookers has sold a freehold dealership property in Battersea, south London for £28m.
The 95,000 sq ft property was sold with Urban Logistics REIT, with a 20-year lease agreed at an initial rent of £1.25m per year.
Lookers CEO Mark Raban said: “We’re pleased to have agreed the selective sale and leaseback of our Battersea property. The transaction demonstrates the value of the group’s property portfolio, underpinning our strong balance sheet. The proceeds give us additional flexibility to fulfil our aspiration to become the UK’s leading integrated automotive retail and services group.”
The York Rd site had a book value of £10.3m at the end of 2021 and is home to Volkswagen showrooms.