This article is from the Australian Property Journal archive
CAR dealers Ringwood Volkswagen has secured a new showroom on Maroondah Highway after a 12-month search for new premises.
CBRE’s David Aiello and Stephen Adgemis negotiated the lease over the former Campbell’s Cash & Carry site at 481 Maroondah Highway Ringwood. It was leased on behalf of its private owners Trinmont Pty Ltd.
The office and warehouse to be refurbished has a total lettable area of 3,453 sqm. Ringwood Volkswagen has taken a 10-year lease with further options, which includes a 684 sqm display yard, drive around access, multiple roller doors and 100 car parks.
The lease was negotiated at an annual rental of $576,000.
Aiello said Ringwood Volkswagen would open a new dealership on the site to be completed by February 2013 with the module concept being the first for VW in Victoria.
“Maroondah Highway is Melbourne’s Golden Mile for car dealers, featuring the famous “Car City” dealership as well as showrooms and service centres for Mazda, Ford, Subaru and Peter Stevens Motorcycles.
“Ringwood Volkswagen had been seeking a berth along this high exposure strip for well over 12 months and this site was ideally suited to their requirements,” he added.
Aiello said the deal represented the latest lease on the Golden Mile, with the same landlord having struck a long term lease with Yarra Valley Motor Group over a nearby showroom at 399 Maroondah Highway.
The Nissan dealer has taken a seven year lease with two five year options over the 3,000sqm site, which includes an 800 sqm showroom.
A further 2,350 sqm of showroom space at 481 Maroondah Highway will be made available by Trinmont in 2013.
Property Review
