Eastern suburb car dealerships collect $20m

The Burwood showroom sold for $10.9m.

Three east Melbourne car dealerships have sold.

In the biggest and most recent deal, a local investor is paying $10.9 million for the Burwood Nissan showroom – 14 kilometres from town.

The price for the 3928 square metre site at 101-109 Burwood Highway reflects a 5.1 per cent yield.

With options the occupier, Autopact Group, can stay until about 2040.

CVA’s Ian Angelico and Jarrod Moran were the agents.

Ferntree Gully Honda

Fifteen kms east, at Ferntree Gully, a vacant car yard over two sites sold to a developer for a total of $2.888m.

The Commercial 2 zoned property spreads a total 3930 sqm.

One component – 1022 Burwood Hwy – contains a showroom last trading as Ferntree Gully Honda (story continues below).

The Ferntree Gully sites sold to a developer.

The dealership used a neighbouring block (1028 Burwood Hwy) for second hand vehicles.

Colliers’ Peter Bremner and Ben Baines represented the former occupier.

The Ringwood parcel could make way for eight level buildings.

Ringwood Honda

Meanwhile at Ringwood, about 10km north of Ferntree Gully – the same agents sold a Honda dealership for a speculated $6.6m.

On a 2616 sqm Commercial 1 zoned block, 85 Maroondah Hwy was offered with vacant possession by July.

The land is the subject of a planning amendment (C130) allowing for eight level structures.

In the area, in February, an offshore developer acquired a 7015 sqm site – 93-97 Maroondah Hwy – which includes two showrooms, one formerly occupied by nightclub, Jooce.

Last year QIC started building a 10-storey office at 110 Maroondah Hwy after pre-committing VicRoads.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.