The family of prominent late car salesman Ronald Patterson has listed a dealership and service centre with short leasebacks in Melbourne’s north east Heidelberg.
All up covering 9941 square metres – just shy of a hectare – the amalgamation is expected to sell for over $26.5 million as a whole or in part.
Zoned Commercial 1, and able to accommodate high density residential, developers are expected to look in.
Other motor related occupiers as well as bulky goods, self storage and essential services developers and investors are expected to be on the radar too, according to the agents, Gorman Allard Shelton’s Peter Bremner, Tom Maule and Jonathan McCormack.
The listing comes 15 months since we reported the family of Warren Smith sold a collection of Oakleigh dealerships and service centres to Woolworths which is expected to anchor a residential based mixed use project following a land rezoning.
Not long earlier, build to rent outfit Make Ventures snapped up the Preston Toyota dealership, on 1.4ha, from McMillan Group. Worth c$40m, that deal reflected a 2.7pc yield.
10 and 11 Yarra Street
The larger and more prominent of the Courtney & Patterson properties, a dealership spreading 7918 sqm on the north west corner of Banksia and Dora streets, but known as 11 Yarra (pictured, top), carries c$20m-plus price hopes (story continues below).
It could accommodate eight storeys, according to the agents.
Given the three street frontages, more than one tower could be considered.
Ten Yarra St, meanwhile, a service centre on 2023 sqm, also fronts a second road, Park Lane.
The listings comes two years since Charter Hall bought a two storey office leased until 2031 to Healius at 456 Lower Heidelberg Rd – one holding from 11 Yarra St.
At $35.4m, that deal, with Fawkner Property, reflected a bullish 3.8 per cent net passing yield.
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