Australia’s largest carwash and detailing business is divesting three of its sites in Glen Iris, Ferntree Gully and Geelong’s Newtown.
The properties are being sold individually and are expected to achieve a total sales price of $7m+.
CBRE’s Scott Hawthorne, JJ Heng, David Minty and Scott Orchard have been appointed to market the properties, which are being offered for sale via auction on 10 December.
With 10-year leases in place on all three properties, each of the respective franchises feature an established trading history.
Mr Hawthorn said; “Each site is on a large, high-exposure landholding with flexible zoning, suitable for multiple development outcomes in the future (STCA).”
“We expect strong buyer interest from a range of international and local buyers, given the strength of the national brand – with Magic Hand Carwash being in operation for over 26-year,” he continued.
“The income security offered by this recognised, trusted and market leading operator will appeal to buyers looking for an exciting investment,” Mr Heng added.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.
