Prominent Townsville car yard sells on third attempt
A prominent car yard a kilometre from the Townsville town centre has sold on its third attempt since 2022.
Covering 7590 square metres across three lots, 515-593 Sturt Street, Townsville, found favour with a southern state investor for $11 million – a 7.04 per cent net passing yield.
Occupied since the 1970s as a Nissan dealership, but nowadays also selling Reneault and Suzuki, and with a used car component, NQ Auto Group is the tenant on a lease expiring in 2029 when it will be presented with the first of four five year options.
The business only three years ago completed a $2.1m revamp of the property, with a 2302 sqm showroom, office and spare parts area.
The site also includes a forecourt.
Big rent rise in 18 months
The off-market deal comes 18 months since the property was last offered for sale; at the time the annual rent was $650,000 (compared to $774,785 today).
It was also offered in late 2022.
Burgess Rawson’s Neville Smith and Commercial East Coast Investments – new agents – brokered the latest deal off-market.
Also on the corners of Knapp and Fletcher streets, the property is passed by some 15,500 vehicles a day, they said.
Zoned Mixed Use, and forming part of a precinct covered by the Townsville City Plan 2005, it has airspace development upside too, according to the executives.
The deal comes two months since we reported Stockland sold the balance of an undeveloped shopping centre at Burdell, a north west Townsville suburb, to Oreana Property Group.
Stockland also offloaded its stake in the Townsville Shopping Centre in late 2023 to Haben.
Last August meanwhile, Fawkner Property outlaid $212m for the Willows Shopping Centre, 12 kilometres west of Townsville’s CBD.
Dexus on behalf of the Wholesale Property Fund was that seller.
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