Investor doubles money on Ford dealership
A Central Coast Ford dealership has sold for $10 million.
The result for the 4717 sqm freehold at 14 Central Coast Highway, West Gosford, reflects a 7.1 per cent net passing yield.
The buyer is a private investor.
Eight formal offers came in following an expression-of-interest campaign launched earlier this year.
Colliers’ James Wilson and Peter Macadam were the agents.
Dealership investment
Coast Ford occupies the West Gosford property on a lease expiring in 2028 (it recently pre-committed to a replacement yard at 422 Pacific Highway at Wyoming).
A 1933 sqm building is configured as a showroom, office and workshop.
The land is zoned E3 Productivity Support, able to accommodate other employment-generating uses (continues below).
The result values it at $2120 per sqm.
The vendor paid half that – $5m – in early 2016.
“Eight formal offers is a strong result and shows there is plenty of capital looking for quality assets on the Central Coast,” Mr Wilson said.
“The site stood out because investors could see the value in the income today while also recognising the opportunities that come with such a well-positioned site,” according to the executive.
Mr Macadam added “the Central Coast continues to attract investors looking beyond the traditional Sydney market and West Gosford offers a strong combination of accessibility, scale and established commercial activity”,
“This property gave the purchaser the opportunity to secure a substantial holding on a major arterial road with a long-established business proving the benefits of the Central Coast Highway frontage and exposure,” he said.
“The 90-metre frontage to Central Coast Highway provides substantial exposure to one of the region’s key arterial routes, with the property positioned approximately 75 kilometres north of the Sydney CBD and 90km south of Newcastle,” he added.
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