Porsche Centre Brighton, Doncaster listed for sale, first chance to be luxury brand’s landlord in Australia
The Porsche Centre Doncaster returns $1.31m in rent a year.
A pair of Porsche dealership sites in Melbourne are preparing to rev up the market ahead of an expected $50m combined sale that could be one of suburban Melbourne sales in 2024.
It will be the first time an investor can be the landlord to a Porsche dealership in Australia.
The properties include the home of Porsche Centre Brighton, part of what the listing has dubbed the bayside suburb’s ‘golden mile of cars’, and the Porsche Centre Doncaster.
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The PM Group is selling the properties after turning over business operations to an Australian subsidiary of the US-based Fortune-500 company Penske Automotive Group earlier this year.
“We are not in the property investment business, we are in the automotive business, and since our interest in the dealerships have been divested, the property has become non-core,” said PM Group chairman James Bergmuller.
The Porsche Centre Brighton currently pays $1.43m in rent a year.
They had owned the Brighton site since 2009, while the Doncaster site was opened in 2015.
Advise Transact managing director Mark Wizel is representing PM Group (formerly Preston Motors Group) in the sale, who also operate a dealership for Ducati West Melbourne and prestige cars in Preston, and said he expected it to attract local and international interest.
Industry sources said the Penske business had sent a private jet with their chairman as part of a team to finalise the deal for the operations, showing surprising confidence in Melbourne’s future contrasted with a more typically negative view from local investors.
JLL senior director of retail investments Stuart Taylor said the “trophy” sales would end with Porsche getting its first landlord for an Australian dealership.
The Porsche Centre Brighton is on what is known locally as the ‘golden mile of cars’.
His associate Tom Noonan added that the sales were rare with one of the last comparable purchases of a luxury dealership being the $45m sale of BMW South Yarra in 2018.
The 855-859 Nepean Hwy, Brighton, dealership spans 4049sq m and could command the higher price if sold separately.
It was refurbished in 2019 and currently brings in $1.43m in rent, plus GST, a year.
Meanwhile the 839 Doncaster Rd, Doncaster, address has a 1,674sq m footprint. It earns $1.31m in rent, as well as GST, a year.
Both sites have 12-year leases to Penske Australia in place.
Expressions of interest for the two close July 25 at 3pm.
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