Real estate services group Savills has ramped up its interest in motor retail property with its acquisition of Automotive Property Consultancy (APC) from its founder Bill Bexson.
Since Bexson started APC in 2005 after almost 10 years heading Strutt & Parker's motor trade property agency, APC built a client base of dealer groups, car manufacturers and financial institutions, and over the years he has highlighted property trends that dealer groups have had to overcome, such as fierce competition from housing developers and the steady rise of multi-franchising.
In recent years APC has been involved in the sale of properties occupied by Tesla, Pendragon, Vertu Motors and Renault, among others.
Announcing the sale of APC to Savills, Bexson said: “Having developed the business since 2005 it is now the right time to progress to the next step.
"I am proud of what we have achieved over the past 17 years and I am now excited to give our clients access to greater opportunity and accelerate our work in the automotive industry with the weight of the Savills business behind us.”
Siân Tunney, head of the leisure and trade division at Savills, added: “This is an excellent opportunity to establish a new service line that caters to the significant change within the automotive industry.
"Increasing EV ownership is impacting the use and development of property and together our combined resources will enable new and existing clients to benefit from this specialised expertise.”
Comprising a team of six, the APC team will form the new automotive service line at Savills which will provide agency, investment, valuation, consultancy and lease advisory work to clients across the UK.