Charter Hall buys sprawling Sydney car dealership
Charter Hall has snapped up a large-format automotive retail asset in Sydney’s south.
The Kirrawee properties, 499-511 Princes Highway and 128-130 Bath Road, cost $55.85 million following a campaign launched mid last year.
Across 1.47 hectares, it contains four showrooms, two service workshops and associated facilities.
Leased to Eagers Automotive and trading, amongst other makes, BYD, Chery, Nissan, Volkswagen and Volvo, it returns $3.2m annual net rent.
The weighted average lease expiry is nearly years.
With options the tenant can stay until 2052 (continues below).
Cushman & Wakefield agents Jack Harrison, David Hall, Tim Cassidy, Archie Cropley and Mark Hansen were the agents.
AC McGrath was the vendor.
Kirrawee is about 28 kilometres from town.
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