News, Real Estate , ,

THE prominent Peninsula Skoda dealership site in Frankston, on the bay in Melbourne’s south, has been put on the market as an attractive investment with a secure annual rent income of more than $323,000.

Selling agent Jamie Perlinger from Burgess Rawson said the site at 24-26 Overton Road had high visibility from the Frankston Freeway and Frankston-Dandenong Road with an estimated passing traffic of 84,000 vehicles a day.

The site has recently been upgraded to the latest Skoda CI and had a $1 million fitout. It was also within a busy automotive precinct that includes nearby dealerships for brands including Ford, Toyota, Kia, Hyundai, Nissan, Subaru and Mitsubishi.    

The site covers 6693 square metres on the corner of Overton Road and New Street and has a large 115m frontage.

Mr Perlinger said it had fixed compounding 3 per cent annual increases. The lease runs to 2027 with three further five-year options to 2042.

He said the estimated net income was $323,873 a year plus GST.

Skoda car sales in Australia are up 23 per cent year-on-year which gives further confidence to ongoing income from the property.

Meanwhile Burgess Rawson has just completed the sale for $7.5 million of the Toyota and Isuzu Ute dealership in Devonport in Tasmania. The site is occupied by part of the Tony White Group.

The car dealership, with Toyota and Isuzu Ute sales plus service and a Volkswagen service outlet, is leased at almost $450,000 a year. The site has a 10-year lease to 2030 plus two further 10-year options to 2050.

The tenant also operates the nearest Toyota dealerships in Launceston and Burnie and has a strong presence across other car brands and locations throughout Tasmania.

The selling agents said the property has strong and certain income growth with fixed annual, compounding 3 per cent increases.

It consists of a modern dealership built in 2009 over 1863 square metres incorporating the showroom, administration, service centre, workshop and major display yard.

It has a significant 5038 square metre ‘Central Business Zoned’ CBD corner landholding with a combined frontage of 133m to Fenton and Best Street, Devonport’s major CBD thoroughfare.

The agent said Devonport is Tasmania’s largest north-west coast city, a major service centre, and the port and daily/tourism link to Melbourne.

By Neil Dowling

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