Private investor parks into Aspley with 38m showroom sale
Private investor parks into Aspley with $3.8m showroom sale
| 11 August 2016
A private investor has purchased a vehicle showroom in Brisbane’s northern suburbs for $3.8 million.
Located at1387 Gympie Road, the 425sqm building is home to the Aspley Jeep and Chrysler dealership. The property is leased to Automotive Holdings Group in place for an annual rental of $134,550.
The property, which is positioned on a 2,487sqm landholding, benefits from a high profile location on Gympie Road – one of Brisbane’s busiest thoroughfares.
CBRE’s Dillon Murphy said the property represented an outstanding investment opportunity, having transacted on a net passing income of 3.55%.
“The purchaser saw value in the asset, separate of the rental rate, which is reflected in the tight yield achieved in this sale,” Mr Murphy said.
“Aspley is a very tightly held precinct with limited purchasing opportunities – a factor that underpinned strong buyer interest in this asset.”
Mr Murphy said the purchaser planned to utilise the site in its current state, with possible plans to expand the building in years to come.
The property is situated in the Aspley business district located adjacent to Westfield’s Chermside Shopping Centre. Then site is located 12km from the Brisbane CBD and 10km from Brisbane Airport.
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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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.