Property Development

Preston Motors Group lists three car yards in Melbourne’s outer suburbs

Preston Motors Group lists three car yards in Melbourne's outer suburbs
Written by The ReReport
As seen in the Source link, written by on 2019-11-29 18:17:05

Preston Motors Group has listed three car yards in Melbourne’s outer suburbs of Dandenong and Epping.

The listing comes two years since it sold a North
Essendon dealership at 203-211 Keilor Road after 40 years – the majority of
which was as owner-occupier.

Preston Motors is a former public company controlled by
the Auswild family since 1979.

It is chaired by James Bergmuller, the grandson of late
prominent NSW-based entrepreneur, Sir James Auswild.

Mercedes Benz has two three year renewal options after this lease term for 380 Cooper Street, Epping, ends in February, 2021.

The assets listed for sale this month include 380 Cooper Street, Epping – a 1.28 hectare site containing a 3810 square metre building leased to 3-Point Motors (Mercedes Benz), until 2021, with options.

Part of
the Northpoint Business Park, which accommodates 160 companies employing 7000 people,
and opposite the Melbourne Wholesale Fruit, Vegetable and Flower Market, this asset
returns annual rent of $841,500.

The other two dealerships neighbour each other, in Dandenong.

The largest – 41-53 Lonsdale Street – covers a 7939 sqm site.

includes 3035 sqm of building area, configured as multiple showrooms and leased
to two tenants (Mitsubishi and MG). All up, it returns annual rent of $609,950.

Next door
to this, a 3449 sqm block at 55-57 Lonsdale Street contains a 944 sqm building.
This asset is vacant and being targeted to owner occupiers and developers.

The Dandenong CBD is about a kilometre away from the Preston Motors blocks.

Dandenong is about 29 kilometres south east of the city.

The adjoining dealerships (marked) are about a kilometre from the Dandenong CBD.

CBRE’s Mark Wizel, David Minty, James Jorgensen and Daniel Eramo – with Chao Zhang, from the agency’s Chinatown office – are managing an expressions of interest campaign for the Preston Motors portfolio, closing early next month.

The assets
are for sale in one line or individually.

Buyers seeking car dealership investments may also have noticed a large Peter Stevens occupied premises, in Ballarat, which Burgess Rawson is marketing as part of its upcoming portfolio auction event.

The Epping property (shaded) is opposite a state government site, about 20 kilometres from the Melbourne CBD.

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