Approach site sells

Time 11:09 am, January 23, 2013

THE site of collapsed Hampshire Vauxhall dealer Approach has been sold for a ‘seven figure sum’, administrators have revealed.

Approach, who folded last August after financial difficulties, were based across two sites – one in Andover, Hampshire, and another in Salisbury, Wiltshire. Joint administrators David Blenkarn and Greg Palfrey (at the firm Smith and Williamson) received over twenty offers for the Andover site, with it soon to be sold on to a private developer.

‘There was healthy interest in the site, with a large number of offers made,’ said Blenkarn. ‘We accepted the highest offer as this would give the best return to the creditors.  The three secured creditors will receive the bulk of the money owed to them from the disposal.

‘The site, which includes showrooms, a vehicle body shop and car wash, was bought with existing planning permission in place; it is understood that the petrol service station will remain. The new owner may look to create a mixed development, subject to all the necessary planning consents being granted and new jobs should be created at this Andover development.’

It’s thought that the ex-dealer’s location within Andover played a big part in the high levels of interest, with creditors managing to receive ‘most of their money back’ after the sale. ‘The site is strategically located near a retail park and residential streets, with quick access to main roads, hence the amount of interest from investors,’ added Blenkarn.

Photo credit: Google

Jon Reay's avatar

Staff Writer Jon is one of the Car Dealer team's newest members. You can also find him contributing to AOL Cars.

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