Lookers sells HQ for around £5m and will remain there on a lease basis

Time 10:36 am, August 10, 2018

LOOKERS has sold its headquarters in Greater Manchester in a deal thought to be worth around £5 million.

The dealer group isn’t moving out of Lookers House in Timperley, near Altrincham, though.

Instead, the Business Desk website reported, it has agreed to lease the premises from its new owners, Carrick Real Estate.

The property is located on Etchells Road, just off the A56 Manchester Road.

It has nearly 2,000 square metres of floor space over three storeys and has recently undergone a high-quality refurbishment.

A particularly handy feature is the presence of a decent-sized car park.

A spokesperson for Lookers said: ‘We recently moved into our new Manchester head office to provide more modern accommodation that readily meets the needs of the business and would allow us to continue to grow in the future.

‘We have an extensive portfolio spread across the country and, depending upon circumstances and local market conditions, make decisions from a property perspective that support the needs of the business.

‘In this particular instance, it seemed most beneficial to occupy under a long term lease rather than continue to own the freehold, as per our previous head office, which is also now held on a leasehold basis as well as other office accommodation across the country.’

Steve Carrick, partner at Carrick Real Estate, commented: ‘Lookers plc is 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.’

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