Car manufacturer Peugeot has exchanged contracts to sell its manufacturing plant in the Midlands to the Barclay Brothers.

In a deal confirmed today, the brothers will buy the 140 acre (57ha) site through Trenport Investments – a subsidiary owned by their investment company Ellerman Investments Group. The deal was revealed by Property Week last week.

Trenport is believed to have paid £60m for the site, beating 11 other bidders including industrial heavyweights ProLogis, Gazeley and Opus Land.

Trenport Investments managing director Tony Parsons said: ‘We intend to progress as rapidly as possible, with the planning authorities and agencies in the immediate Coventry and Rugby areas and within the Midlands, to develop plans for the comprehensive redevelopment of this regionally strategic site.’

‘Our immediate aim is to develop opportunities for several hundred jobs and to achieve diverse business opportunities in the future that will bring more employment and wide-ranging economic benefits to the area. We expect to commence this process immediately upon completion of the purchase on 16 April.’

It is believed that part of the site could be used to house Barclays’ Home Delivery Network with the remainder of the site being used for alternative development. The site was last use to manufacture Peugeot’s 206 range before work stopped in December and car production was moved into Europe.

Gerald Eve advised Peugeot on the sale.