THE site of East Lancashire’s best-known car dealership has changed hands for nearly £6million.

The freehold on land rented by Motorpoint at Burnley, the successful car supermarket with a prominent site next to the M65, has been bought by a London-based investment business.

No changes are expected in the day-to-day operation at Rosegrove Lane, described by the buyer, LXi REIT plc, as one of Motorpoint’s top locations in the UK.

The property includes a vehicle showroom, offices, sales area, café and compound storage across the 8.6-acre freehold site.

Simon Lee, partner at LXi REIT Advisors Ltd, said: “This acquisition provides the company with additional long-term, secure and RPI-linked income at an attractive yield and further diversifies its sector exposure.

“The property benefits from a strong residual value and is one of the tenant’s top trading locations.”

Motorpoint opened for business in Burnley in 2001 with 10 staff based in three portable buildings. It now has 70 employees at Burnley after bosses spent millions transforming land in nearby Gannow Lane.

Motorpoint’s first site, in Derby, opened in 1998 and it now operates from 10 other locations across the country. Motorpoint was listed on the London Stock Exchange in May 2016.

A spokesman for Motorpoint declined to comment yesterday on the deal, other than to confirm the change of freeholder.

Motorpoint’s arrival in Burnley brought big changes to how cars are bought and sold, as it led the way on car supermarkets.

Private buyers flocked to the store, attracted by the huge range of vehicles on show and the promise of no-pressure sales.

Reflecting on Motorpoint’s success in Burnley, general manager Jon Grace has said: “We arrived in Lancashire determined to transform the way in which people in the county buy their vehicles.

“The reason we have been so successful in Burnley is because of our honesty.

“The people of Lancashire like our straightforward approach and it’s one of the reasons why so many customers return time after time.”