Ken Brown Motor Group have opened a new Hyundai dealership in Letchworth Garden City. The deal involved a new 10 year lease on the 0.78 acre site in Icknield Way, with the previous tenant surrendering an existing lease and withdrawing from the town. Rapleys Automotive and Roadside team brokered the deal on behalf of the landlord, Fevore Limited.
Richard Forman of Fevore said: ‘We are delighted that Rapleys were able to secure continuing long term occupation of the property in a tricky market and without a rental void. The deal really was a ‘win win win’ allowing Progress to exit and Ken Brown to step in while also enhancing our asset’.
Geoff Sayer, partner at Rapleys said: ‘This demonstrates that opportunities exist in the current market for brands to invest in new and affluent territories’.
Jon Taylor, Managing Director of KBMG, said: ‘We are delighted to have this opportunity to expand with Hyundai and look forward to growing our business in Letchworth and beyond with this exciting new brand for the town’.
As featured in Automotive Management Online on 16 January 2020.