A luxury car dealership in the Brisbane CBD fringe has been sold for $91.2 million.
Due to the price paid for the property, “the record-breaking yield and the profile of the asset”, the deal was hailed as ‘landmark’ by CBRE agent Mike Walsh.
The vendor was Lambhill Pty Ltd, a private company owned by Gregory Willims of Ascot, Qld. The buyer was ASX-listed Dexus, which manages and directly invests in high quality Australian office and industrial assets and which currently has $26.5 billion of assets under management.
The property at 586 Wickham Street, Fortitude Valley, the Audi & Euromarque Centre, comprises the original 4-level plus mezzanine Audi Centre and a three-level mixed-use building. It is occupied by a service centre, workshop, office space and car showroom over 12,047 sqm. The showroom houses Audi, Bentley, EuroMarque and Maserati. Its three street frontages and large site area of a 7,123 sqm point to the possibilities of future re-development.
The property last traded in two parcels at a total of $6,868,400 between February 2002 and July 2003. This sale at $91.2 million represented an initial yield of 5.75% on a passing income of $5,287,453 (net).