Auction: Prized Toyota Devonport dealership for sale
Auction preview: No.37-41 Best St, Devonport. Picture: Supplied
LANDMARK city assets are rarely available on the open market, making this Toyota dealership a can’t miss opportunity.
The property is being offered for sale for the first time in 55 years.
In a premium location, the Toyota dealership boasts a prominent position in the CBD, spanning 5038sq m.
The dealership includes a modern 1863sq m building, complete with a showroom, administration facilities, and a service centre.
Toyota leases the property on a 10-year lease to 2030, with options to 2050, at a net annual rental of $449,661.
Rent reviews are annual and fixed at 3 per cent.
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No.37-41 Best St, Devonport.
No.37-41 Best St, Devonport has been brought to market by Burgess Rawson’s Matthew Wright, Beau Coulter, and Zomart He in conjunction with Nicholas Bond and Clinton O’Keefe from Elders Commercial.
Mr Wright said the terms make this property an enticing prospect for investors looking to bolster their portfolios with reliable income-generating assets.
“With its prime location, legacy of excellence, and secure investment prospects, the asset provides a rare opportunity for investors looking to make their mark in Tasmania’s thriving market,” he said.
No.37-41 Best St, Devonport.
Mr Bond said the asset has attracted interest from Tasmanian and interstate-based investors, given its central location close to key brands such as Novotel, Coles, Kmart and Woolworths, as well as the impressive showroom and service centre facilities.
“The site’s operation as a multibrand dealership comprising sales and service for Toyota and Isuzu UTE — and as a VW authorised service outlet — make it a strategic location for the wider North West Coast,” he said.
Toyota is a major Japanese-owned brand, which operates over 67 manufacturing companies, markets vehicles in over 170 countries and regions and employs over 370,000 people worldwide.
No.37-41 Best St, Devonport.
Toyota has had a presence in Devonport dating back to 1969. The property’s tenant is part of the Tony White Group, a thriving national market leader with 59 dealerships along the East Coast of Australia employing 2500 staff and selling over 73,980 vehicles in 2022.
The same tenant operates the nearest Toyota Dealerships in Launceston and Burnie, plus a strong presence across numerous brands and locations throughout Tasmania.
The Best St property is set to be sold under the hammer at the next Burgess Rawson Portfolio Auction 168 event at Crown Casino in Melbourne on Tuesday, May 14.
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