Aitchison Raffety has successfully completed the orderly disposal of a roadside portfolio for the Lisles Partnership. The practice was instructed to advise on four motor dealership sites at Knebworth, Mardley Hill, Hatfield and Hitchin, all in Hertfordshire.

Following a review, Aitchison Raffety working in conjunction with its town planning practice Brian Barber Associates obtained planning permission for the residential redevelopment of the Mardley Hill site of 1.3 acres (0.526 ha) for 13 residential units which was sold to Matthew Homes for a price of £1.853m. Planning permission was then obtained on the Old Park Road Hitchin site (a prominent site near the Waitrose car park) which contained an Esso petrol outlet and a dual sales franchise comprising an area of about 1.5 acres (0.607 ha) for a development of about 48,672 sq ft (4,530 sq m) of independent living and close care apartments. The site has been sold to McCarthy and Stone for a redevelopment of sheltered housing at a price in the region of £3.25m. The remaining sites have been let to Marshalls Motor Group Ltd for 15 years at undisclosed rents.

More recently, Aitchison Raffety has been advising on the orderly disposal of part of the Pilling Group portfolio of sites in Welwyn and Milton Keynes. The business in each case has been sold to Marshalls Motor Holdings who have taken leases for periods of over 10 years certain. The practice is retained to dispose of the freehold and leasehold investments created.

Neil Aitchison of Aitchison Raffety states “prime motor dealership properties are still in demand from the larger players in this field who continue to dominate this competitive sector. However, since there continues to be a shortage of ‘oven-ready’ development sites in the market, particularly for housing, many sites are more profitable in alternative use provided the vendors evolve effective disposal strategies.”

Neil may be contacted on 01442 220800 or email: neil.aitchison@argroup.co.uk

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