Caffyns has sold off its freehold site at Alton, Hampshire to McCarthy & Stone Retirement Lifestyles for £1.807 million.
The sale is expected to be completed by December 7.
Caffyns said the gain on the disposal of the site after the costs of sale is approximately £1.15m.
The site was a Ford dealership and closed for trading in September 2012. The costs of closure, amounting to approximately £200,000, will be charged in the first half of the group's financial year.