A high-profile Brisbane automotive dealership site in Fortitude Valley has been listed for sale and is rumoured to receive around $100 million with strong interest expected from developers in Australia and overseas.
Currently occupied by the Audi Centre and Euro Marque, the site has future development potential with scope to accomodate a 20-storey project.
The facility on a 7,123 sq m site is currently leased to ASX-listed Auto Sport Group until 2026.
The nearby Mercedes Benz dealership at 365 Wickham Street was bought by Hong Kong-based group Lei Shing Hong for more than $40 million in 2015, with plans for a multi-tower, 700-apartment residential project.
CBRE’s Peter Court, Mike Walsh and Tom O’Driscoll, in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield, have been appointed to market the 570-586 Wickham Street property.
O’Driscoll said the property represented one of the most compelling long term investment opportunities to hit the market in Brisbane’s fringe for several years.
“The opportunity to acquire Audi Centre Brisbane and The Euro Marque complex signifies one of the most high profile investment opportunities to be offered for sale formally in Brisbane for some time,” O’Driscoll said.
The Audi property features triple street frontage onto Wickham, Light and Hynes streets, and is under 2km from Brisbane’s CBD.
Cushman & Wakefield’s Glen Wright said, “With Brisbane’s inner city population growing strongly, this property’s development upside is another key attraction, with it presenting an opportunity for further value-add in the future.”
The property comprises two adjoining, purpose-built automotive dealerships known as Lighthouse, constructed in 2011, and the Euro Marque building, built in 2006.
Image: Audi Centre Brisbane