One strong bid to buy Toyota Devonport dealership site
SOLD: No.37-41 Best St, Devonport. Picture: Supplied
AUCTIONS are often fiercely competitive with multiple buyers trying to outdo each other to secure the prize.
But in Melbourne this week, one strong bid knocked out all comers.
A Toyota dealership asset in Devonport’s Best St was among a dozen properties put to the hammer at the Crown Casino.
The state-of-the-art CBD showroom, service centre and 5000sq m-plus landholding looked to be a desirable asset, with auctioneer David Scholes saying there were bidders in the room and on the phones.
Mr Scholes was looking for a bid in excess of $7m to start the auction. And he got it.
The first and only bid was $7.5m.
No.37-41 Best St, Devonport.
No.37-41 Best St, Devonport was brought to market by Burgess Rawson’s Matthew Wright, Beau Coulter, and Zomart He in conjunction with Nicholas Bond and Clinton O’Keefe from Elders Commercial.
Mr Wright said the campaign attracted strong interest with more than 100 inquiries and noted that there were multiple registered bidders for the property.
“The tactic for the winning party was to come in with a strong bid, and it worked,” he said.
“For assets worth over $5m, this property’s yield result of 5.99 per cent would be the strongest we have seen in 18 months, at least.”
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No.37-41 Best St, Devonport.
Elders Commercial senior manager Nicholas Bond said the result reflected solid interest throughout the campaign from local Tasmanians and mainland investors who were cognisant of the investment features of the asset.
The impressive dealership has been in the Gowans family since 1969 and was fully redeveloped in 2009 to take advantage of the coveted city views.
Vendor, Adam Gowans, said the family sold the business to the Tony White Group in 2020.
Tony White Group is a thriving national market leader with 59 dealerships along the East Coast of Australia employing 2500 staff and selling over 73,980 vehicles in 2022.
Toyota has had a presence in Devonport dating back to 1969.
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No.37-41 Best St, Devonport.
Mr Bond said the Best St asset’s central location was part of the appeal, close to key brands such as Novotel, Coles, Kmart and Woolworths, as well as the impressive showroom and service centre facilities.
“The site’s operation as a multibrand dealership comprising sales and service for Toyota and Isuzu UTE — and as a VW authorised service outlet — make it a strategic location for the wider North West Coast,” he said.
This week’s auction was the first time that this property has been offered for sale in 55 years.
The Melbourne leg of the 168th Burgess Rawson Portfolio Auction event saw $16.672m worth of property sold, with a clearance of 75 per cent.
