This article is from the Australian Property Journal archive
CAR dealers A.P. Eagers has sold its 1.8-hectare dealership site in Newstead for $61 million to Seymour Group, continuing its divestment program of inner Brisbane properties ahead of its move to a new auto precinct at Brisbane Airport.
The ASX-listed car dealer will remain at the 99 Breakfast Creek Road site under a seven-year leaseback agreement. The property has a gross floor area of 12,485 sqm.
Seymour Group is overseen by Kevin Seymour, who established the group in 1976 and has a net worth of $768 million.
Earlier this year, A.P. Eagers sold Subaru dealerships at 11 Evelyn Street and 79 Breakfast Creek Road, and the 1.5-hectare Austral Motors Prestige site at 7 Cresswell Street for a combined $55.5 million to Brisbane-based investment manager Marquette Properties. Each property was also subject to seven-year leasebacks.
It also acquired a former Bunnings site on Hudson Road in Albion that it will redevelop into a more boutique offering than typical car showrooms, with a 50-bay service centre for a number of its marques, many of which will be located at the Brisbane Airport Auto Mall.
A move to new headquarters at the $300 million precinct is expected in 2022. More than 51.3 hectares will be repositioned to include car dealerships, performance and car testing tracks, experience centres, offices and exhibition and conference facilities.
Former Queensland premier, Campbell Newman recently emerged as the purchaser of two A.P. Eagers car dealerships in Tasmania, moments before they were scheduled to go to auction in April.
They were among seven A.P. Eagers car dealerships across the state put to the market by Marcus Birrell. Four sold on the day for a total of $30 million, with the Launceston and Devonport sites going to Newman’s investment firm Arcana Capital for a combined $16.4 million.
Around $50 million was anticipated from all seven assets. Birrell was the long-term chairman of Birrell Motors Group until he sold the business to A.P. Eagers Group – of which he is now a director – in 2015 for $114 million.
