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News - 18/03/2013

Southampton expansion for Richmond Cars

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Acting on behalf of a private client, we have secured the sale of an industrial unit in Southampton to a major car dealership.

Ocean House on West Quay Road has been sold to Richmond Cars (Southampton) Ltd, an established and well-renowned car dealership selling new and used vehicles.

£589,000 sale secured

Richmond Motor Group’s Managing Director, Michael Nobes, has bought the premises to expand his Hyundai and Renault car sales and service centre, which is situated next door. The unit, which totals 7,723 sq ft, has been sold for £589,000.

Mr Nobes saved 34 jobs when he bought the dealership in 2009 and transformed it into a thriving business, taking on more staff within six months.

He commented: “You could not ask for a better situation than our West Quay Road premises, sandwiched between West Quay shopping centre and IKEA. When the opportunity presented itself to buy these premises we leapt at it; it allows us to expand our business as we need to, and to provide the latest hi-tech facilities that the motorist expects from a modern car sales and service centre.”

Freehold investment is vote of confidence for Southampton industrial market

Adrian Whitfield, Director in our South Coast Industrial & Logistics team, added: “Richmond Cars’ investment in the freehold of its premises is a real vote of confidence for the area’s industrial market. The company has benefited from current property values in order to expand its operations, which will pay dividends as the economy continues to recover.”

The property is prominently situated on West Quay Road, close to other motor dealerships and trade occupiers, IKEA, LeisureWorld and West Quay Retail Park.