Inchcape banks $26.4m from dealerships
Inchcape Australia has sold Plantation Capital two major Brisbane dealerships with leasebacks.
In the priciest deal – just – 247-249 Morayfield Road, Morayfield, traded for $13.4 million – a 6.53 per cent net passing yield.
On 8699 square metres it contains a two level showroom for three brands – Kia, Mitsubishi and Subaru. The lettable area is 2040 sqm.
Inchcape paid $7.26m in 2006.
Morayfield is about 47 kilometres north of Brisbane’s CBD.
Rothwell block
Meanwhile, 731-737 Deception Bay Road, Rothwell – 34 km north of the city – traded for $13.2 million.
On a 1.2 hectare battle-axe shaped parcel, it contains three showrooms, with a total 2066 sqm, selling two brands – Kia and Subaru.
The result reflects a seven per cent net passing yield.
Like Morayfield, the initial term expires in 2030 with two five year options.
Rent rises are also fixed at 3.5pc per annum.
Inchape outlaid $1.54m for this property, again in 2006 (continues below).
The on sale of both assets was brokered by Colliers’ Hunter Higgins and Luke Hawkins.
Inchcape sells another dealership
Inchcape banked $50.5m selling a former Subaru dealership in Melbourne’s Docklands five years ago.
Seven offers came in for the Brisbane portfolio.
Plantation will hold the properties in the Strategic Opportunities (Growth and Income) Fund.
“This unique investment has provided SOGIF with scale and a significant holding in the automotive industry in Brisbane, with significant long-term development potential for alternative uses,” Mr Higgins said.
Mr Hawkins added “with both properties fully leased offering major road frontage and strong signage potential, they represent secure, blue-chip investments with stable income and strong long-term capital growth prospects.
The Moreton Bay region, where both assets are located, is one of Australia’s fastest growing regions with population forecast to grow 69.5pc to c690,000 by 2041, according to the executives.
The deals come three months since we reported Autopact bought two New South Wales dealerships from the landlord – Peter Terry Nominees.
Subscribe to our newsletter at the bottom of this page.
