Pendragon, the UK's largest car dealer group.and No 1 in the AM 100 listing for the fourth year in succession, has sold freehold property in Tower Hamlets, East London, for £8.2m.

The sale generates a profit of £4.4m after costs. The group is understood to still have vacant properties valued at around £13.4m.

“Our existing property portfolio undergoes regular appraisal,” says Pendragon chief executive Trevor Finn. “The aim is to identify sites which, where appropriate, could realise profits if put to alternative uses.”