Ray White Commercial was appointed to conduct an Expressions of Interest campaign to sell 226-228 Old Cleveland Road, Capalaba on behalf of Receivers, FTI Consulting.

The property is a modern purpose built automobile dealership used as a Mitsubishi and Subaru sales and service centre with a gross floor area of 1,170m²*.

The property is wholly leased to Barton Holdings Pty Ltd, an established automotive dealer whose head office is located at nearby Wynnum. Barton Holdings Pty Ltd assigned the original lease on 1 August 2014 from the Southern Automotive Group Pty Ltd, a subsidiary of ASX-listed company, Automotive Holdings Group Limited.

The property is leased until 31 August 2017 and has 4 x 5 year options. The current net return is approximately
$645,000 per annum with the tenant responsible for the payment of all outgoings with the exception of land tax. Rent reviews are 4% or CPI, whichever is greater with a Market Review upon the take up of each option.

The Property offered massive exposure to Old Cleveland Road and was located on one of Brisbane’s busiest intersections and established retail precincts. Strong enquiry was fielded from the investment and automotive sectors.

Sales Analysis*
Method of Sale:EOI
Marketing Time Frame:5 weeks
Contract Date:21 November 2013
Enquiries:16
Number of Offers:3
Sale Price:$4,000,000

 

*approx