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Last Updated: Wednesday, 28 March 2007, 07:34 GMT 08:34 UK
Jaguar's Browns Lane site is sold
Jaguar plant
Production ended in 2005 after 53 years
An Australian developer has bought luxury car maker Jaguar's Browns Lane site in Coventry.

Macquarie Goodman plans to create 1,500 jobs when it turns the 100-acres it has purchased into an office and warehousing park.

Jaguar will keep its wood veneering facility in the remaining 17 acres of the site, home to about 400 staff.

The car firm announced the site's sale in March last year and production ended in 2005 after 53 years.

A deal fell through with construction company Delamar in 2006 who failed to meet a funding deadline for the site.

Financial struggles

The site has been sold to Macquarie Goodman and Stoford Developments for an undisclosed sum.

Geoff Polites, chief executive officer of Jaguar and Land Rover said: "We believe that the planned redevelopment will provide excellent opportunities for Coventry and we look forward to watching the progress over the next few years."

In December 2005, parent company Ford invested 1.2bn into the luxury car maker which has struggled to make money since it was bought for 1.6bn in 1989.

Jaguar is part of Ford's Premier Automotive Group (PAG) which includes Volvo and Land Rover.

'Economic boost'

Macquarie Goodman currently controls more than 30 office and logistics developments throughout the UK including Birmingham Business Park at Solihull.

Bruce Usher, from Macquarie Goodman, said: "The new development will create new jobs and provide a welcome economic boost to the local community.

"We are also very much looking forward to working with Coventry City Council again having worked very closely with them in past with the development of Coventry Business Park."

Jaguar has plants at Castle Bromwich in Birmingham, Whitley in Coventry, Halewood in Liverpool and Gaydon in Warwickshire.




SEE ALSO
Jaguar factory up for sale again
05 Oct 06 |  Coventry/Warwickshire
Ford bails out Jaguar with 1.2bn
23 Dec 05 |  Business
Jaguar 'to quit Browns Lane site'
25 Nov 05 |  Coventry/Warwickshire
Up to 300 jobs to go at carmakers
07 Sep 05 |  West Midlands
Jaguar cuts 'Baby Jag' production
21 Apr 05 |  Business

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