RYDE Hyundai and Nissan, once part of the Ryde Motor Group and now owned by the Australian Automotive Group, will move by the end of the year to make way for a two-tower residential development.

The prime Victoria Road land in the North Sydney suburb of Ryde was sold in February by Ryde Motor Group’s Doug Clare to Chinese property company Chiwayland for $18.6 million.

AAG confirmed to GoAutoNews Premium that it will now move the Hyundai and Nissan franchises to a redeveloped site alongside its existing Brad Garlick Ford dealership, also in Ryde.

Chiwayland has a development application with the Ryde Council to demolish the dealership and build two towers – one at five storeys and the other with nine – on the site. The development is estimated to cost $37.1 million.

The development is mainly residential apartments but in includes ground-level shops, three commercial units and a 120-car basement parking area.

AAG, part of South African-based Imperial Holdings, owns six Ford dealerships in NSW. It also has the Hyundai and Nissan outlets from the Ryde Motor Group and has franchises for Mitsubishi, Renault, Kia, Suzuki, Peugeot and Citroen.

By Neil Dowling