Macquarie Goodman, the Australian property developer, has bought Jaguar's Browns Lane Coventry site for an undisclosed sum from Ford.

The deal will eventually create 1,500 jobs after the 100-acre site is turned into an office and warehouse park.

The sale comes two years after Jaguar vacated the main production facilities at Browns Lane, although the luxury manufacturer still has its wood veneering facility and 40 staff working there.

Geoff Polites, chief executive officer of Jaguar and Land Rover said: "We believe that the planned redevelopment will provide excellent opportunities for Coventry and we look forward to watching the progress over the next few years."