Trio of Toyota dealerships to rev up investors
Three properties leased as Toyota car dealerships in south-east Queensland have hit the market as part of a five-property portfolio.
The long-standing Black Toyota dealerships at Dalby, Emerald and Oakey are leased to ASX-listed automotive group AP Eagers Limited, which bought the Black Toyota business in 2014 and continues to operate it under the same branding.
Black Toyota is selling the properties after owning them for 32 years. Also in the portfolio are two complementary properties at Dalby.
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The primary Dalby property is home to a dealership and large showroom, as well as the AP Eagers head office, two levels of offices, a workshop and parking areas, and occupies more than 4900sqm at 45-45 Drayton St. It returns more than $542,000 in rent annually.
Also for sale is a 2.024ha industrial complex, including manufacturing sheds, workshops, offices and a residence at nearby Commodity Court, with another 1.07ha property, also in Commodity Court, housing a shed and hardstand for car storage and reconditioning.
In Oakey, a 2481sqm dealership along with a workshop, detailing shed, detached wash bay and front canopy are on the market, while the Emerald property incorporates three separate tenancies, including a 3615sqm Toyota and Mitsubishi showroom and workshop and two retail tenancies to Pool & Spa and Luv 2 Give.
AP Eagers, touted as the largest supplier of commercial vehicles in rural Queensland, has leases on most of the five properties until August 2024.
Black Group is prepared to sell them separately, or in one line.
Colliers International’s Dan Dwan and Simon Beirne are marketing the properties via an expressions of interest campaign, which ends on May 29.
“All properties have substantial improvements with significant depreciation benefits and offer a sound investment option with annual net rents per asset ranging from $46,285 up to $598,217,” Dwan says.
“Well renowned AP Eagers offers a strong convenant with seven-plus-year leases remaining on initial terms of lease with further options.
“Considering the nature of these investments we are expecting to field interest from private investors, SMSF, syndicators and property funds.”