MG buys a Piccadilly showroom just by Albany

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    patpending

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    MG buys a Piccadilly showroom just by Albany

    Post by patpending on Tue Oct 07, 2014 4:35 am

    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.
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    Windy
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by Windy on Tue Oct 07, 2014 5:00 am

    New headquarters for Maxus UK?
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by patpending on Tue Oct 07, 2014 5:32 am

    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!
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by Windy on Tue Oct 07, 2014 5:50 am

    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!
    Yes, headquarters for SAIC USA isn't in the centre of Detroit, it isn't even within the city limits, it is in Birmingham!

    So we need to think of something bigger than a Euro headquarters scratch

    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!

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    Re: MG buys a Piccadilly showroom just by Albany

    Post by snifferdog1 on Tue Oct 07, 2014 8:17 am

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



    Do they?
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by patpending on Tue Oct 07, 2014 9:21 am

    Just realised that the annual report & accounts is actually a week late.



    This transaction is hugely material to the SAIC Group's UK business and would make a massive change to MG Motor UK's accounts, if it was MG Motor UK that bought it.



    Is it a post-balance-sheet event delaying filing?
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by Windy on Tue Oct 07, 2014 9:39 am

    snifferdog1 wrote:Do they?
    Part ownership of it, it is a joint venture.

    It may be very interesting to see what Pat finds in the annual report, the last annual report was from before the Thailand factory started...
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by patpending on Tue Oct 07, 2014 12:03 pm

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

    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!
    We're hearing a lot about how advantageous it is to base international operations in England.

    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?
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by Windy on Tue Oct 07, 2014 12:48 pm

    [quote="patpending"]
    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?
    It is still very hard to do international business using Chinese currency, they have operations in Hong Kong and Birmingham to help but I think everyday global operations are probably a lot easier from London! News reports and documents from MG Thailand definitely say that MG Motor UK own a share of Thailand, I think a very significant share but I can't say that I have seen real proof of financial ownership. As for "go Incredible Hulk", they have made a huge investment in Euro compatible petrol and diesel engines and gearboxes and another huge investment in new energy, they have got to start making use and profits from that technology at some point, it's almost as though they have been putting off investment in UK/Europe and even vehicle development and assembly in China until they have the technology available - what has happened to the new MG7 and even the 750? We have heard the plan for Maxus with the V80, G10, pickup trucks, SUVs - The same is probably coming for the cars.

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    Re: MG buys a Piccadilly showroom just by Albany

    Post by Morris Motors on Thu Oct 09, 2014 1:17 pm

    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.

    Crikey. Have you looked at this on Streetview? The building next door to the east of it on the other side of Albany Courtyard is Nuffield House! That was owned by Morris until it was sold in 1948. It was still occupied by Nuffield/BMC/BL for years after as tenants and was the scene of the protests in 1980 when Piccadilly was jammed with angry MGB owners protesting at the Abingdon closure. And now they're back next door. It's a seriously prestigious address, particularly Albany Courtyard. Also just down the road from The Wolseley, another BMC connection. But what a location to visit to collect an MG Dynamo, the perfect car for London....

    Of course, there's been a lot of money coming into London from Russia and China so this may just be another channel for Chinese investment.

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    Re: MG buys a Piccadilly showroom just by Albany

    Post by jsmanagement on Mon May 04, 2015 7:50 am

    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.
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by patpending on Mon May 11, 2015 7:55 am

    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.
    Maidstone were around last summer as were Hendy, although they have just had an official re-opening with William Wang as guest of honour. Normandy are recent and are now up and running, see http://www.mguk.org/t1406-normandy-garage-nr-guildford

    Hot addresses as we head towards H2 2015 include Gainsborough, Skegness, and even non-Lincolnshire Bideford(!)
     
    http://www.mguk.org/f23-dealers

    You are right that extending the network is crucial to increase volume. However, the sheer value of the Piccadilly property makes it MG's most-expensive asset in the country (the brand is not capitalised under standard rules), dwarfing MG Motor's plant and equipment by almost ten times! The Piccadilly site is a striking statement of intent.
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    Re: MG buys a Piccadilly showroom just by Albany

    Post by patpending on Sun Nov 22, 2015 11:00 am

    The Land Registry gives us this public domain information. Owner of Piccadilly is a Hong Kong property investment company!


    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

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