Outgoing home of Melbourne’s Cheapest Cars sells for $15.1m

The Moorabbin site (outlined) covers 2.1 hectares.

An industrial developer has purchased the high-profile Moorabbin site for years occupied by Melbourne’s Cheapest Cars.

The 2.12 hectare property at 648 South Road (pictured top and right), about 15 kilometres south-east of the city, sold for $15.05 million.

Melbourne’s Cheapest Cars, which has successfully traded from the site since 1982, has chosen to relocate to another dealership it controls in nearby Oakleigh.

The Industrial 1 zoned Moorabbin site was listed for sale in November by CBRE’s Stephen Adgemis and David Aiello with Garcia & Jones’ Hugh Jones as the transaction manager.

On the south-east corner of Bignall Street, opposite the Sandbelt Club Hotel and adjacent to the Bentleigh East suburb border, the holding was expected to arouse interest from investors and owner occupiers.

The property was also targeted to developers within the commercial, industrial or bulky goods (retail) sectors.

The office component of the car dealership, which has operated on this site since 1982.

Mr Aiello said the campaign generated in excess of 40 enquiries and a high volume of offers. The Melbourne based buyer is speculated to be proposing an industrial strata unit development.

The Moorabbin commercial pocket is tightly held and near to a substantial residential catchment containing a highly skilled workforce, Mr Adgemis said. The Dingley bypass and soon to be built Mordialloc Bypass has made the area even more accessible and desirable for employees catchment and industry, he added.

The Westfield Southland shopping centre – which contains a new train station – is about two kilometres away from 648 South Road.

An aerial image showing the site (highlighted) in relation to Moorabbin’s commercial precinct.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.