Frankston Ford site sold for $13.25m

The Jeff Wignall Ford site in Frankston.
The Jeff Wignall Ford site in Frankston.

A local investor has snapped up a site that is the long-term home of Frankston’s Ford dealership.

The major dealership, which has operated as Jeff Wignall Ford since 2006, fetched $13.25 million after 83 potential buyers expressed an interest in the property.

It was a Melbourne buyer who wrangled the deal, with the sale coming on a tight 5.71% yield.

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Realcommercial reported in August that the property represented a rare opportunity to enter Frankston’s tightly held automotive precinct.

The vendor was local private investor Andrew Cross, with CBRE’s Joseph Du Rieu, Kevin Tong, Sandro Peluso and Mark Wizel marketing the dealership.

The site spans 8800sqm, which includes a 2800sqm sales and servicing facility that was purpose-built for Ford’s Frankston operations in 2012.

Other car dealers are understood to be among the groups who made a play for the property.

Du Rieu says the huge level of buyer interest was testament to the rarity of purchasing opportunities within the Overton Rd precinct.

“Given the price point and income the property generated, we were able to engage a broad spectrum of potential purchasers, both locally, nationally and internationally,” he says.

The property has a five-year, triple net lease that expires in April 2022, but it is considered likely that it will continued be leased as a Ford dealership beyond that date.