Toyota dealer spends $25m for Adelaide sites
Northpoint Toyota has snapped up two adjoining inner-Adelaide industrial properties – only one which was for public sale.
The popular car dealer which trades from four locations, paid over $25 million for the Gepps Cross amalgamation (shaded, image, top).
The largest asset, 595 Grand Junction Road, set it back $15.95m.
Northpoint then acquired the neighbouring Kartmania Go-kart site, 1 Port Wakefield Rd, which wasn’t for sale – for $10.5m.
The properties are expected to complement the group’s Gepps Cross dealership, actually in neighbouring Blair Athol.
“Securing outcomes on both properties highlights the strong demand for land rich, value-add opportunities throughout the inner north,” Colliers’ Tom Barrett, who brokered the deal with Paul Tierney, said (continues below).
Alinea Group Australia’s Fred Porter and Heather Porter acted for the buyer.
Northpoint also has dealerships at Hillcrest, Prospect and Windsor Gardens.
It also operates a Roxby Downs service centre.
Gepps Cross is about 10 kilometres north of town.
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