Thursday, September 25, 2008
PLC Groups to sell poor performing sites
Large plc dealer groups are assessing which poorly performing sites to sell off once the September plate change has run its course, according to Rapleys, the commercial property and planning consultancy.It said recent trading statements from the leading listed groups, coupled with the drop in new car sales, has led groups to closely scrutinise their portfolios.
The consultancy said values for freehold automotive property have dropped by between 15 and 20 per cent over the past 12 months.
Rapleys said the underperforming sites were more likely to be disposed as vacant properties rather than trading entities.
While the consultancy said several manufacturers were stepping into the market to fill longstanding open points, it added that other businesses, such as discount food and convenience retailers, were looking at well positioned dealer sites for alternative use.
"Whilst trading will undoubtedly be difficult over the next few months we still see some positives in the market and would expect demand for well located property to remain robust if sensibly priced," said a Rapleys spokesman.
DATED: 25.09.08
FEED: MT
The consultancy said values for freehold automotive property have dropped by between 15 and 20 per cent over the past 12 months.
Rapleys said the underperforming sites were more likely to be disposed as vacant properties rather than trading entities.
While the consultancy said several manufacturers were stepping into the market to fill longstanding open points, it added that other businesses, such as discount food and convenience retailers, were looking at well positioned dealer sites for alternative use.
"Whilst trading will undoubtedly be difficult over the next few months we still see some positives in the market and would expect demand for well located property to remain robust if sensibly priced," said a Rapleys spokesman.
DATED: 25.09.08
FEED: MT
