This article is from the Australian Property Journal archive
THE home of ASX-listed Eagers Automotive in Melbourne’s Frankston is being offered for sale by Gary Lechte, with $20 million expected for the 11,200 sqm bayside site.
Operating as Bayside Chrysler Jeep Dodge, the 126-130 Dandenong Road landholding is being sold with a triple net lease that returns net annual income of $1,133,474 per annum.
Occupying a strategic corner landholding across multiple titles, the site benefits from over 220m of high exposure street frontage to Donald Avenue, Dandenong Road, Baldwyn Street and New Street, and has recently undergone rezoning to commercial 2.
Eagers Automotive Limited was founded in 1913 and has increased its sales revenue from $500 million in 2000 to $8.7 billion in 2020.
The dealership is moments from Frankston CBD and comprises two substantial car sale showrooms, three service centres, several carwash facilities and significant hardstand.
CBRE’s Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng are managing the expressions of interest campaign which closes in November.
Mufale said it is expected the combination of a blue-chip ASX-listed tenant, flexible zoning and immediate development potential in a gateway Mornington Peninsula location will generate engagement from interstate and international investors, along with land bankers and developers.
He said the owner acquired the collection of assets over several decades.
It is the latest major Melbourne car dealership site to come to the market. In the eastern suburbs, the operators of one of Australia’s largest Mazda dealerships paid $15 million earlier this month to buy the 8,878 sqm land and showroom in Ringwood.
At the same time, the home of Australia’s first Toyota dealership, currently used as an Australia Post distribution centre, was sold for $23.5 million to a Chinese-backed developer.
Spanning a 3,469 sqm St Kilda parcel on the corner of Chapel Street, Brighton Road and Grosvenor Street, the property has a planning scheme that provides potential for five to six levels over the site.
The property was owned by the Thurston family who acquired the site in 1973 and used it as a serving depot for cars. Australia Post’s lease extends to August 2024.
