“The sale and leaseback of this property, on attractive terms, is consistent with our active approach to managing our property portfolio and underpins our strategic move to the world class Auto Mall planned for Brisbane Airport,” AG Eagers chief executive Martin Ward said.
The proceeds from the sale, combined with our other recent sale in Newstead, will generate a profit before tax of $26.1 million for AP Eagers, which will result in an annual profit contribution of $3.7 million.
The sale of the 18,070sq m site, with gross floor space of 12,485sq m, was managed by JLL agents Seb Turnbull and Luke Billiau.
The sites new owner Seymour Group is responsible for some of the city’s well-known developments such as Queens Plaza and MacArthur Chambers.
The company, which is now primarily run by his grandchildren, will now hold the 1.8 hectare inner-city which is primed for potential for future residential development.
“It’s almost impossible to find a site so large and well located this close to the city”, Seymour Group director Kevin Seymour said.
“We’re really excited about what’s to come.”