AP Eagers sells $61 million Brisbane property in leaseback deal
ASX-listed car dealer AP Eagers has sold its auto dealership property in north Brisbane for $61 million to Financial Review Rich Lister Kevin Seymour’s Seymour Group.
The property at 99 Breakfast Creek Road in Newstead will continue to operate its car business under a seven-year lease-back agreement.
The site is on 18,070 square metres of land with gross floor space of 12,485 square metres.
Following settlement, which is scheduled for August 26th, the car dealership giant will continue to hold a substantial portfolio of property valued at $280 million.
It is AP Eager’s second lease-back type transaction of its Newstead properties this year, and comprises part of a broader transition away from inner-city dealerships towards “state-of-the-art” auto malls.
During next calendar year, AP Eagers chief executive Martin Ward will acquire a vast site at Brisbane airport that the company will help turn into an automotive mega mall – a mix of traditional showrooms, a test track and skid pan, and nearby service facilities.
JLL agents Seb Turnbull and Luke Billiau represented AP Eagers in the Newstead transaction.
On the buy side, Mr Seymour is best known for his eponymous property group set up in 1976, which is now primarily run by his grandchildren. He is now an active dealmaker, with shares in resources companies like Blue Energy and investment platform Ariadne.
As at 2019, Mr Seymour and his family were ranked 124 on the AFR Rich List, with a net worth of $768 million.
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