The operators of Ringwood Mazda paid $ 15 million for the dealership and service center they have occupied for two decades.
With the purchase, homeowners can stop paying CAD $ 54,125 in monthly rent (given record interest rates, any mortgage payments are likely to be much less than that).
The 8,878 square meter property at 391 Maroondah Highway is in the center of the suburban “Golden Mile” – a row of car parks that includes Car City and a Mercedes Benz store.
The seller, Coppersmith Group, controls seven acres in the pocket, including investments held by Etheridge Ford, Ringwood Nissan and Ringwood Volkswagen.
He is building another showroom, a multi-story BMW dealership, which will be leased to Autosports Group.
Before Coppersmith paid $ 400,000 for 391 Maroondah Hwy in 1981, the property – then a paddock – was owned by Patterson Cheney Holden.
Before Mazda moved in, the site was occupied by nurseries (story continues below).
The latest sale reflects a return of 4.33%.
âOver four decades, Coppersmith Group has built a historic and growing hub of auto dealers in East Melbourne,â said David Aiello of CBRE, who negotiated the off-market deal with Ringwood.
Last December, we reported that Eagers Automotive paid Charter Hall $ 181.25 million for nine yards it occupied, including, in Melbourne, South Morang Toyota.
Two months ago, prestige used vehicle dealer Nick Theodossi, in a partnership, shelled out $ 50.5 million for Subaru Interactive of Docklands, with partial occupancy plans.
On 1.8 hectares, this asset was sold by Inchscape of London, the world’s largest independent car retailer.
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