Price right for Tweed Heads car dealership
A huge Tweed Heads car dealership with four marques under its roof has sold for $11.2 million, after attracting big interest from major investor groups.
The dealership, leased to Sharp Motor Group, was once operated by Queensland businessman Warren von Bibra, and had 10 bidders vying for it when it went to auction.
The price for the car lot, which is home to new cars from Holden, HSV, Suzuki, Kia and Honda, reflected a 6.21% yield.
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Colliers International’s Kyle Youngson and Steve Clark marketed the property, which Youngson says generated interest from investors, syndicates, land bankers and small institutional buyers.
“We received 10 bids from four registered bidders on the auction day, with highest bidder being a Queensland based investor,” he says.
A large showroom takes up almost half the Tweed Heads site.
“This is a record yield for this type of asset on the Gold Coast and Tweed Coast, with both buyer and seller happy with the result. It showcases Tweed Coast as a legitimate investment opportunity for buyers looking for growth areas.”
Realcommercial.com.au last month reported the 9880sqm property at 153 Wharf St has a 3919sqm showroom building on it, and draws a rental income of more than $707,000 per annum.
It was developed in 2004 by Expo Park Properties, linked to von Bibra, who operated the dealership as von Bibra Twin Towns Auto Village before Sharp Motor Group took over the business in 2011.
Clark says investors are increasingly looking to the region for value.
“South East Qld continues to be seen as a great value option for interstate purchasers looking for stronger yields, which is reflected in this result,” he says.
