Cranbourne Car Dealership Site sold for $7.3 Million

A tenanted investment opportunity at Cranbourne south east of Melbourne which is home to a newly developed Hyundai car dealership and service centre has been sold by Ray White Commercial for $7.3 million.

The complex at 200-202 High Street, Cranbourne, was sold by Ray White Commercial Victoria Director Brett Diston and Ray White Commercial’s Senior Director for Auctions and Investment Services, Richard Impiombato on behalf of Firestar Developments.

Mr Diston said the car dealership is located on a ‘golden mile’‘retail strip in Cranbourne on a land area of approximately 3,664 sqm and has a floor area of approximately 1,625 sqm.

“This was a highly attractive tenanted investment opportunity which was purchased prior to going on the market by a Melbourne based private investor,” he said.

“We also had considerable interest from a range of local buyers and offshore investors. The sale price represents a yield of approximately 7.25 per cent.”

Mr Impiombato said the property featured a state of the art Hyundai car dealership and service centre.

“The main building has a striking appearance and incorporates an internal showroom, customer lounge, various offices and meeting rooms, service reception, car delivery bay and workshop,” he said.

“It’s an ideal location for a car dealership on one of the main roads through Cranbourne, which is approximately 43km south-east of Melbourne.”