An investor who last year bought a Newstead car yard facing imminent vacancy has re-leased it following a refurbishment for a significant premium.
The 1051 square metre showroom and office at 123 Breakfast Creek Road is collecting starting annual rent of $620,000 from another dealership, Sime Darby Motors, which trades in BMW, Ferrari, Land Rover and Rolls Royce.
On 852 sqm at the north east corner of Maude Street, there are also 15 car parks.
The initial rent term is three years.
The deal comes comes 12 months since Autosports paid $98m for adjoining car yards at nearby Fortitude Valley to occupy, including the high-profile Audi Centre.
That seller was Dexus.
123 Breakfast Creek Road
When 123 Breakfast Creek Rd sold last April for $6.005m, it was returning annual net rent of c$202,584 – considered low; the market return was $258,984 (story continues below).
With 630 sqm of showroom space with the balance (431 sqm), offices, Simes moved in last month.
“The recently refurbished building with ground floor showroom and first floor offices offers a high exposure and central location,” Ray White Commercial’s Sean Hennessy, who brokered the deal, said.
“Located in Brisbane’s inner north, an extension of Brisbane’s CBD, 123 Breakfast Creek Rd is surrounded by top shelf amenities including cafes, dining, entertainment, shopping and employment,” he added.
“It has easy access to major arterials including the Inner City Bypass and public transport including the nearby Bowen Hills train station (one of four major train stations in Brisbane,” according to the executive.
A bus depot is also 50 metres away.
The property is also 350m from the ex-Breakfast Creek Wharf site the world’s biggest Mercedes-Benz distributor, Lei Shing Hong, recently reopened as the Mercedes-Benz Lifestyle Precinct after buying it in 2016.
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