One of Brisbane’s most well-known automotive dealerships in Fortitude Valley - the city’s luxury car hub - has been listed for sale in a move expected to generate widespread interest, both domestically and off-shore.
CBRE’s Peter Court, Mike Walsh and Tom O’Driscoll, in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield, have been exclusively appointed to market the 570-586 Wickham Street property, which is home to the Audi Centre and Euro Marque dealership.
Positioned on a 7,123sqm site, the modern, state of the art showroom facility is leased to the ASX-listed Auto Sport Group until 2026 (with further option periods).
Mr O’Driscoll said the property represented one of the most compelling long term investment opportunities to hit the market in Brisbane’s fringe for several years.
“The opportunity to acquire Audi Centre Brisbane and The Euro Marque complex signifies one of the most high profile investment opportunities to be offered for sale formally in Brisbane for some time,” Mr O’Driscoll said.
Mr Walsh also added: “The words blue chip, trophy and iconic are often over-used, but could not be more symbolic of this offering, with its cutting edge design and prime location underpinning the asset’s significant presence in the local market.”
Mr Walsh said the premium facility offered an outstanding opportunity to acquire a substantial foothold in the growing Fortitude Valley area.
“Fortitude Valley has continued to flourish from ongoing population and commercial growth in recent years, to become one of Brisbane’s strongest performing precincts, home to a number of powerful global automotive brands such as Audi, Lamborghini, Bentley and Maserati,” Mr Walsh said.
“The attractive tenancy profile, being an ASX-listed tenant on a highly coveted and rare triple net lease structure, in addition to the underlying land value, will ensure strong interest from a range of groups.”
The property also offers future development potential, with scope to accommodate a 20-level project.
Cushman & Wakefield’s Glen Wright commented: “With Brisbane’s inner city population growing strongly, this property’s development upside is another key attraction, with it presenting an opportunity for further value-add in the future.”
The property consists of two adjoining, purpose built automotive dealerships identified as Lighthouse, built in 2011, and the Euro Marque building, built in 2006. The property benefits from triple street frontage onto Wickham, Light and Hynes streets and is situated less then 2km from the Brisbane CBD.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
