Group 1 Automotive has taken the lease on the Ford dealership in Basingstoke formally operated by City Motor Holdings which has gone into administration.

The deal was completed this afternoon (Thursday), and the new site is likely to be branded Think Ford, in line with its four existing dealerships nearby in Farnborough, Bracknell, Wokingham and Guildford.

Snows Motor Group also announced the take-over of three of CMH’s centres yesterday.

Knight Frank negotiated the Snows lease on behalf of the landlord, BlackRock, and also on this latest deal on the business that traded as Gowrings. 

Tom Rigg, associate – automotive at Knight Frank, said: “The swift uptake on these dealerships, both of which have been taken on long leases, reflects the underlying quality of the assets.

“Dealership property continues to trade well in both the occupier and investment markets and this is testament to the continued confidence throughout the motor retail sector."