MG buys a Piccadilly showroom just by Albany

MG Motors has bought a building on Piccadilly in London’s Mayfair for a car showroom and office
headquarters.

The Birmingham-based brand, which is owned by Chinese company SAIC Motor, has bought 47-48 Piccadilly and 1-3 Albany Courtyard for £28m from a private UK family.

The building comprises two vacant interconnecting buildings totalling 12,323 sq ft with office and retail space on the ground floor.

Knight Frank advised the vendor.

All parties declined to comment.

Windy wrote:New headquarters for Maxus UK?

patpending wrote:

Windy wrote:New headquarters for Maxus UK?

Massively expensive - and we remember that a head office with all plants is normally a sign of impending insolvency.

You wouldn't expect a van/people carrier brand would need a Central London HQ, more a trading estate somewhere!

Windy wrote: and don't forget that MG Motor UK owns the Thailand factory!

snifferdog1 wrote:Do they?

Windy wrote:So we need to think of something bigger than a Euro headquarters

Although SAIC do tend to plan for the long term future, not the past and don't forget that MG Motor UK owns the Thailand factory!

Windy wrote:As you say, Windy, does the Thai JV have something to do with MG Motor UK? (because that money had to come from somewhere). Is the operation about to "go Incredible Hulk" and change beyond all recognition?

patpending wrote:David Knowles spotted this:

MG Motors has bought a building on Piccadilly in London’s Mayfair for a car showroom and office
headquarters.

The Birmingham-based brand, which is owned by Chinese company SAIC Motor, has bought 47-48 Piccadilly and 1-3 Albany Courtyard for £28m from a private UK family.

The building comprises two vacant interconnecting buildings totalling 12,323 sq ft with office and retail space on the ground floor.

Knight Frank advised the vendor.

All parties declined to comment.

http://www.propertyweek.com/news/news-by-region/london/mg-motors-into-piccadilly-showroom/5070657.article

£28m is a HUGE amount - two years' turnover, or seven times MG Motor's net fixed assets. If MG Motor bought this building it would surely expect rental income from SMTC or a dealer!

Shows SAIC's commitment to Britain.

jsmanagement wrote:Looks like its not just the Piccadilly site either. There's a new franchised dealer in Guildford (Normandy Garage) Maidstone MG and Hendy in Exeter, this is in the past 4 months! They must be serious.

Title Number : 316964 This title is dealt with by Land Registry, Croydon Office. The following extract contains information taken from the register of the above title number. A full copy of the register accompanies this document and you should read that in order to be sure that these brief details are complete. Neither this extract nor the full copy is an 'Official Copy' of the register. An official copy of the register is admissible in evidence in a court to the same extent as the original. A person is entitled to be indemnified by the registrar if he or she suffers loss by reason of a mistake in an official copy. This extract shows information current on 20 AUG 2015 at 09:37:12 and so does not take account of any application made after that time even if pending in the Land Registry when this extract was issued. REGISTER EXTRACT Title Number : 316964 Address of Property : 47-48 Piccadilly, London (W1J 0DT) Price Stated : £20,800,000 Registered Owner(s) : SAIC MOTOR HK INVESTMENT LIMITED (incorporated in Hong Kong) of 47-48 Piccadilly, London W1J 0LR and of 1-3 Albany Court, London W1J 0LR. Lender(s) : None 1 of 3 This is a copy of the register of the title number set out immediately below, showing the entries in the register on 20 AUG 2015 at 09:37:12. This copy does not take account of any application made after that time even if still pending in the Land Registry when this copy was issued. This copy is not an 'Official Copy' of the register. An official copy of the register is admissible in evidence in a court to the same extent as the original. A person is entitled to be indemnified by the registrar if he or she suffers loss by reason of a mistake in an official copy. If you want to obtain an official copy, the Land Registry web site explains how to do this. A: Property Register This register describes the land and estate comprised in the title. CITY OF WESTMINSTER 1 The Freehold land shown edged with red on the plan of the above Title filed at the Registry and being 47-48 Piccadilly, London (W1J 0DT). 2 The filed plan has been amended to show by blue tinting the extent of the vaults lying beneath Piccadilly and the canopy at ground floor level which are included in the title. 3 The filed plan has been amended to show by brown tinting the vaults under Albany Courtyard which together with the canopy extending partly thereover are included in the title. 4 A Licence and Deed of Covenant dated 15 March 1990 made between (1) The Secretary of State For the Environment and (2) Stargas Nominees Limited relates to rights of light and air and maintenance of projections over Burlington House. NOTE: Copy filed. 5 (28.09.1995) The land has the benefit of the rights granted by but is subject to the rights reserved by a Transfer of the land in this title dated 14 September 1995 made between (1) Stargas Nominees Limited and (2) Lenlyn UK Limited. NOTE: Original filed. B: Proprietorship Register This register specifies the class of title and identifies the owner. It contains any entries that affect the right of disposal. Title absolute 1 (20.10.2014) PROPRIETOR: SAIC MOTOR HK INVESTMENT LIMITED (incorporated in Hong Kong) of 47-48 Piccadilly, London W1J 0LR and of 1-3 Albany Court, London W1J 0LR. 2 (20.10.2014) The price stated to have been paid on 11 September 2014 was £20,800,000. C: Charges Register This register contains any charges and other matters that affect the land. 1 (04.08.2015) The land is subject to the easements granted by a lease dated 7 July 2015 of Second Floor, 47-48 Piccadilly for a term years beginning on, and including 7 July 2015 and ending on, and including on 6 July 2020. NOTE: Copy filed Title number 316964 2 of 3 End of register Title number 316964