This article is from the Australian Property Journal archive
DEXUS has paid $91.2 million for the Audi Centre and The EuroMarque Complex in Brisbane’s bustling inner suburb of Fortitude Valley.
Offered with development potential of up to 20 levels, the 7,123 sqm site at 570-586 Wickham Street has a 13,288 sqm building and external area of 2,556 sqm.
The sale price was below initial expectations of $100 million.
It sold with a triple-net lease to ASX-listed Auto Sport Group until the end of 2026 with two five-year options, returning $5.472 million per annum. The sale price reflected an initial yield of around 6%.
The site comprises two adjoining auto dealerships, Lighthouse and Euro Marque, built in 2011 and 2006.
CBRE and Cushman & Wakefield negotiated the deal, following nine offers received since the property hit the market in August last year.
The nearby Mercedes-Benz dealership at 365 Wickham Street sold in 2015 to Lei Shing Hong, with intentions to develop a number of 20-storey towers with as many as 700 apartments.
This deal comes hot on the heels of Dexus offloading an eight-level car park in Flinders St in Melbourne’s CBD for $87.1 million.
Australian Property Journal
