Burgess Rawson in conjunction with Knight Frank Devonport are pleased to offer to the market the fully leased Dominant Toyota Dealership and Multi Brand Service Centre investment located at 37-41 Best Street, Devonport for sale via Portfolio Auction Tuesday 14 May 2024 at Crown Casino, Melbourne.
Key Investment highlights include:
+ Ten (10) year lease to 2030 plus two (2) further ten (10) year options to 2050.
+ Multi-faceted operation with dominant Toyota Dealership and Isuzu UTE Sales plus service and VW authorised service outlet ensuring excellent spread of income.
+ Toyota: world leading 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 (1)
+Toyota: Australia and Tasmania's top selling car brand in 2023* with a presence in the Devonport area dating back to 1969*
+ Tenant part of 'Tony White Group' a thriving national market leader with 59* dealerships along the East Coast of Australia employing 2,500 staff and selling over 73,980* vehicles in 2022.
+ The same tenant operates the nearest Toyota Dealerships in Launceston (100km*) and Burnie (51.5km*) plus strong presence across numerous brands and locations throughout Tasmania.
+ Landlord favourable, attractive net lease terms with the tenant responsible for council rates, water rates and single holding land tax.
+ Strong and certain income growth with fixed annual, compounding 3% increases.
+ Modern C2009 built dealership of 1,863*sqm, incorporating showroom, administration accommodation, service centre, workshop and major display yard.
+ Significant 5,038sqm* 'Central Business Zoned' CBD corner landholding providing combined frontage of 133 metres* to Fenton and Best Street - Devonport's major CBD thoroughfare.
+ Strategically located within the growing Devonport CBD zone, a short distance to Woolworths, Coles & K-Mart (250m*), The Rooke Street Mall (200m*) and the brand new Novotel Hotel (200m).
+ Devonport: largest North-West Coast City, major service centre, port and daily/tourism link to Melbourne and 70,000 people residing within 35kms*
+ Minimal management investment
+ Estimated Net Income: $449,661 pa* + GST
For Sale by Portfolio Auction, Crown Casino, Melbourne
From 10:30am (AEST) Tuesday 14 May 2024
For further information please contact the agents directly
*Approximately
(1) Toyota
(2) GapMaps
(4) Forecast.id
(5) Devonport City Council
