ASX listed car dealer buys Southport amalgamation
Motor industry interests snapped up separate Gold Coast properties this month.
In the biggest deal, ASX listed Autosports Group Limited has paid $17.6 million for three neighbouring, freestanding Southport offices leased to Centrelink until January, 2028.
Occupation is planned after – 68-74 Nerang Street and 3-5 Suter – an 8785 square metre parcel – will become a Mercedes-Benz dealership.
Improvements spread 4042 sqm. There are also 133 car parks – 103 undercover.
The site is zoned Priority Development Precinct 1, with unlimited height restrictions for a residential or residential based mixed-use complex.
Based on the current net rent, the deal is being struck at a 4.97 per cent yield.
Colliers’ Steven King with Crawford Property’s James Crawford were the agents. Settlement is scheduled October.
Bundall complex fetches $13.4m
Meanwhile a private investor in the fuel industry has paid $13.4 million for 1-9/117 Ashmore Road, Bundall.
The auction result for the BP anchored complex with eight showrooms reflected a seven per cent net passing yield.
Seller, Cassandra Nicholls, with late husband Brian, founder of LB Records, held since 1986.
The buyer is Gold Coast based.
It is their second major commercial real estate outlay this year, according to the agents, Ray White Commercial.
The earlier deal was worth $3m.
Last week we reported Autopact paid its landlord $56m for two regional NSW dealerships.
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