McMillan lists prominent Melbourne car dealership
McMillan Property Group has listed the prominent Preston Toyota dealership after more than five decades.
Leased to Eagers Automotive, the 1.48 hectare holding, 687 High St, is expected to sell for more than $40 million.
Zoned Priority Development, with three crossovers and frontage to Regent and William streets, the parcel can, longer term, make way for a range of development outcomes including Build to Rent.
The listing comes three weeks since Northern Motor Group outlaid $11.3m for an industrial property abutting its Bundoora dealership.
Eight months ago, Eagers paid Charter Hall $181.25m for nine showrooms it occupied, including in Melbourne, at South Morang, for Toyota.
CBRE’s Nathan Mufale, David Minty and JJ Heng are representing McMillan.
687 High Street
Returning $1.08m in annual rent, 687 High Street includes a new and used car showroom, spare parts store, service centre, body and paint shop, car wash and hardstand (story continues below).
“Rarely do landmark offerings with the size and scale of Preston Toyota come to market,” Mr Mufale said.
“We’re anticipating strong buyer interest…driven by the property’s blue-chip ASX-listed covenant, bankable landholding and long-term future upside,” he added.
“There’s a strong track record of development success in the area,” according to the agent.
The asset is near the High St retail strip, Preston Market, Northland, parks and a variety of primary, secondary and tertiary educational institutions, the agents said.
It is also walking distance to public transport including Regent station.
Subscribe to our newsletter at the bottom of this page.
