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Vardy launches new retail property venture

Vardy Property Group believes it can save motor retailers around £1 million that would otherwise be lost when they decide to expand their businesses.

Chief executive Richard Vardy has set up a new division, Dealership Development & Design, because he believes there is a demand for a new kind of property service.

“High-quality premises are crucial to providing the right customer experience, and operators are under pressure from manufacturers to maintain standards,” he said.

“Locating the right premises, finding contractors and overseeing the development is time- consuming. It also distracts dealers from running their businesses. We have the experience and contacts.”

Richard Vardy’s experience comes from overseeing 120 properties worth £250 million while heading the department at Reg Vardy. His team includes project manager Stuart Wakefield, who worked with him at Reg Vardy. His father, Sir Peter, is acting as a consultant.

Recruits include development director Brian Maguire, who developed sites for CD Bramall and Lancaster Group as director of corporate real estate at Sanderson Weatherall in Leeds.

Dealership Development & Design will invest in new development sites, either on its own, or in joint ventures with motor retailers. Vardy says the service is flexible so as to meet the needs of businesses.

“We will form joint ventures with businesses that want to retain an interest in their property without full exposure to commercial land values,” says Vardy.

Richard’s brother Peter heads Peter Vardy Ltd, and Vardy Property Group has built a Vauxhall dealership for him at Kirkcaldy in Scotland. The group is developing a new dealership at Motherwell and acting as a consultant on the redevelopment of Peter Vardy’s BMW/Mini outlet in Edinburgh.

Richard Vardy says Dealership Development & Design will focus on Vardy Property Group’s area of work, which covers north-east England, Yorkshire and Scotland.

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