THE home of Brisbane’s exotic cars, Euromarque and Audi Centre Brisbane, has been sold for $91.2 million but the deal will not affect the dealerships – owned by Autosports Group – for at least a decade.

The site, which faces three streets and is only two kilometres from the Brisbane CBD, features two adjoining, purpose-built showrooms, each for Audi and EuroMarque’s three exotic brands of Maserati, Lamborghini and Bentley.

Property group CBRE sold the property at 570 Wickham Street in Fortitude Valley on behalf of its owner, Gregory Willims’ private company Lambhill. Mr Willims previously owned the franchise dealership that was sold to Autosports in 2016.

The purchaser was listed property company Dexus that recognises the potential of the prime site for redevelopment and its ability to become a 20-storey development.

Autosports recently signed a 10-year lease – with two five-year options – that cements the dealership until at least 2026. Dexus will collect $5.47 million a year from its lessees under current terms and the funds will be placed within one of Dexus’ listed industrial vehicles.

None of that will change the operation of the dealerships. Audi Centre Brisbane dealer principal Jonathan Grant told GoAutoNews Premium that “it’s business as usual” and that the dealership would remain on the premises.

The property covers 7123 square metres and contains two-storey buildings for the Audi showroom and a seperate building, built in 2006, that contains Bentley and Maserati and the independent specialist workshop, Lighthouse.

The site is opposite Mercedes-Benz Brisbane that was sold in 2015 to Hong Kong-based Lei Shing Hong for more than $40 million. The site has the ability to be developed into a residential building with up to 700 apartments.

By Neil Dowling