Luxury car dealer Nick Theodossi is paying about $50 million for a Doncaster investment with significant long-term development upside.
The 1.1 hectare block at 812-814 Doncaster Road is leased for 12 years to long time occupier Doncaster BMW.
Mr Theodossi, also a commercial property investor, secured it following an off-market deal negotiated directly with the vendor.
The site is in a car dealership hotspot, next door to Audi Centre Doncaster, opposite Doncaster Hyundai and adjacent to Mercedes Benz retailer Silver Star Motors.
Part of it abuts Doncaster Tennis Club, offering west facing view security to the CBD – a marketable feature should the airspace ever be replaced with an apartment building or office.
Doncaster Secondary College is walking distance while Westfield Doncaster is about a kilometre to the west.
The Doncaster BMW deal comes nearly three months since we reported Mr Theodossi sold a collection of 12 North Melbourne sites, including his landmark showroom, to Grocon and GIC (formerly Government of Singapore Investment Corporation) for $135 million.
Recent Doncaster deals and developments
Last May, planning minister Richard Wynne approved a $500 million development at Westfield Doncaster – which is half owned by SCentre, with the balance controlled equally by ISPT and M&G Real Estate.
The shopping centre is set to expand about 43,000 square metres while a 14 storey apartment building will be developed beside it.
Two months ago, Westfield Doncaster’s owners paid the LaManna family $15.5 million for an adjoining three level office at 651 Doncaster Road
Also last December, Bunnings announced it pre-committed Accor to operate a hotel the hardware giant planned to build on a site it acquired in 2011 beside Westfield Doncaster.
A year ago, aged care accommodation provider Benetas opened a $110 million complex at 534-540 Doncaster Road, a former PappaRich restaurant, acquired for about $18 million in 2016.
Mirvac is one of the suburb’s most active developers, in recent years replacing the former Eastern Golf Couse with a housing estate containing apartment complexes fronting Doncaster Road.