I bought a Jeep dealership

A private investor has paid $3.8 million for a Queensland vehicle showroom leased to a Jeep and Chrysler dealership.

The Aspley property, in Brisbane’s northern suburbs, sold on a tight 3.55% yield in the latest positive sign for Brisbane’s commercial market.

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Situated on a high-profile corner at 1387 Gympie Rd – one of Brisbane’s busiest thoroughfares – the property features a 425sqm building on a 2487sqm landholding in the Aspley business district, opposite Westfield’s Chermside Shopping Centre.

It is leased to the Automotive Holdings Group for $134,500 per annum, and lies 12km north of Brisbane’s CBD and 10km from the city’s airport.

Aspley is a very tightly held precinct with limited purchasing opportunities – a factor that underpinned strong buyer interest in this asset

CBRE’s Dillon Murphy facilitated the deal, and says the site’s underlying value was its biggest drawcard, on top of the lucrative Jeep lease.

“The purchaser saw value in the asset, separate of the rental rate, which is reflected in the tight yield achieved in this sale,” he says.

“Aspley is a very tightly held precinct with limited purchasing opportunities – a factor that underpinned strong buyer interest in this asset.”

Murphy says the buyer plans to retain the site in its current form in the short term, but may expand it in future years.