Brisbane northside commercial market tunes up with $5.95 million sale
Media release - 12th March, 2015
A major site occupied by two major car dealerships, Norris Motor Group and Byrne Motor Group, on busy Gympie Road, Kedron in Brisbane’s north, has been sold for $5.95 million.
The 5,646sqm property traverses four lots at 306-320 Gympie Road, and was sold under the hammer to long-term tenant Norris Motor Group, according to co-selling agent Trent Bruce, Principal of Raine & Horne Commercial Brisbane North.
Norris Motor Group operates a car dealership on 1,784 sqm of the property, while Byrne Motor Group occupies the remaining 3,862sqm for its Great Wall, Ssangyong and Chery dealerships.
“This site benefits significantly from dual entry/exit points onto Howell Street and Cremorne Road, ample parking bays and exposure to over 70,000 passing vehicles daily,” said Mr Bruce.
Norris Motor Group was always keen to reinforce its stake in the property long-term given its high visibility location on Gympie Road and proximity to its new Volkswagen showroom, according to Mr Bruce.
“Norris Motor Group can utilise and operate out of it but they have also identified the long-term potential of the land content and its fantastic redevelopment potential,” he said.
Mr Bruce and his Raine & Horne Commercial Brisbane North colleague, Nick Price, fielded around 40 enquiries during the course of the auction campaign.
“The property attracted a mixed bag of owner-occupiers and developers with four registered bidders engaging in spirited bidding on auction day,” said Mr Price.
“Quite a few developers missed out. They were looking for a deal subject to terms but the vendor was looking for a clean, cash unconditional offer under auction conditions.”
–ENDS–
For further media information contact:
Trent Bruce, Principal, Raine & Horne Commercial Brisbane North on 0423 591 528
Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400