Iconic Ballarat car dealership site opens door for investors
The home of iconic Ballarat car dealership Peter Stevens Motorworld has been placed on the market.
The dealership site will be auctioned next month, presenting a rare opportunity to secure a major highway corner landholding on one of Ballarat’s busiest intersections.
Leased to Peter Stevens, which has operated in the city for almost 50 years, the property features Nissan, Hyundai, MG and Ram dealerships.
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The huge 7383sqm site is secured on a brand new 10-year lease with a further 10-year option, with strong and certain rental increases. In conjunction with co-agent Colliers, Ballarat, the property will be auctioned at Burgess Rawson’s Portfolio Auction event at Crown Casino on Wednesday, December 11.
Burgess Rawson director Raoul Holderhead says the property’s location is one of Ballarat’s best.
“It’s a prime Midland Highway site at one of Ballarat’s busiest intersections, opposite two service stations and close to the city’s ‘golden mile’ of retail,” Holderhead says.
“More than 34,000 vehicles pass the property each day and it has 245 metres triple street frontage.”
“With a longstanding and very successful tenant, it ticks every box from an investment perspective.”
Further enhancing the property’s long-term appeal, it underwent a $5 million refurbishment just two years ago and includes immaculate and near-new dealership buildings spanning 4561sqm.
It currently returns $540,000 per annum plus GST and is set to enjoy strong and certain rental growth.
Holderhead says he expects the property to sell on a yield of around 6.5%.
Burgess Rawson’s 133rd Portfolio Auction will be held from 11am on Wednesday, December 11 in the River Room at Crown Casino.