Property giant Dexus has purchased the Audi Centre and the Euro Marque complex in Fortitude Valley in Brisbane’s inner north.
Dexus has paid $91.2 million for the property located at 570-586 Wickham Street, realising an initial 6 per cent yield.
The property comprises two adjoining, purpose-built automotive dealerships known as Lighthouse, constructed in 2011, and the Euro Marque building, built in 2006.
The 7,123sq m site has been home to high-end brands such as Audi, Lamborghini, Maserati and Bentley.
Currently, the property features 13,288sq m of office and showroom space across two levels and a hardstand and external area of 2,556 square metres.
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CBRE’s Mike Walsh, Peter Court and Tom O’Driscoll, in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield, were appointed to market the 570-586 Wickham Street property.
Walsh described the deal as a “landmark transaction” for Brisbane’s fringe market.
Nine offers were reported from local and offshore property companies eager to maximise the site’s underlying value.
The site has attracted strong interest due to its future development potential of up to 20-storeys.
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An important part of the deal was the lease recommitment last year by the ASX-listed Autosports Group to the end of 2026 plus two five-year options.
Dexus, Australia’s largest landlord, will now collect a net passing income of $5.472 million a year.