Local property developer Nabeel Mussarat has just completed the sale of the Tesla car showroom in Stockport after an ownership tenure of 2 years. After receiving almost £400,000 in rent over these two years, Nabeel has decided to move on with a profit of over £1m and try to find more sites for Tesla and enhance the already strong working relationship.
Nabeel took on ownership of Tesla in 2020, after gaining an interest in improving his commercial assets portfolio and has always had an interest in the Greater Manchester area due to growing up there. Tesla have been expanding their UK presence exponentially over the past few years, adding numerous showrooms to their portfolio and increasing their presence in the North increasingly, so the business between the two parties has meant that they have both been aligned in their goals.
The sale has come at a time when it has been mutually decided that it would be best if Nabeel was out in the field actively seeking new sites for Tesla. Tesla run a scheme where they work with developers who find sites for them to develop and rent out to Tesla, which expands their nationwide presence whilst building rapport with local property developers at the same time. In the long run, this ensures that Tesla get the best locations available for the area, as it ensures that it has been selected by someone who knows the area well.
Nabeel has already got to work sourcing a site for Tesla. He is closing in on a council owned site in Bolton that is ideal for the specification that Tesla state that they look for in sites. They tend to look at sites over 25,000 square foot in size, with room for parking and a spacious car showroom. In general, because of how specific this criteria is, they also look to accept plots of land that developers can build from the ground up which offers a more tailored experience for the company.
It is Tesla’s aim to continue to grow their UK presence over the next few years and working closely with developers like Nabeel achieves that. There are currently 26 Tesla Locations in the UK, with 19 service centres – 16 of them have showrooms – and seven are retail-only, and this will only continue to grow as time goes on.
Nabeel had this to say on the relationship between himself and Tesla:
“After 2 years of working with Tesla it is a privilege to be able to continue the working relationship by seeking out potential sites for them. They are a company that emphasise growth and progress in the 21st century and it is a great honour to be a local developer that they trust enough to know the area to be able to hunt down the best sites possible for their consideration.” – Nabeel Mussarat