This article is from the Australian Property Journal archive
THE operators of one of Australia’s largest Mazda dealerships have paid $15 million to buy the land and showroom in the eastern suburbs of Melbourne.
The 8,878 sqm landholding and showroom at 391 Maroondah Highway, Ringwood, has been owned by the Coopersmith Group since its $400,000 auction purchase in October 1981.
It is part of nearly seven hectares of land along the highway strip controlled by Coopersmith Group and its partners, which includes Nissan, Volkswagen and Ford dealerships.
“Over the course of four decades, Coopersmith Group has built a landmark, and growing hub of car dealerships in Melbourne’s east,” CBRE selling agent David Aiello said.
Construction is also underway on a new, multi-level BMW showroom to be run by the ASX-listed Autosports Group.
Under Coopersmith Group’s ownership, the Ringwood site has been home to various garden and nursery tenants, and prior to its purchase was held by Patterson Cheney Holden as a vacant paddock in the 1970s.