Strong demand for fully leased assets with long-term development upside
Australian fund manager Plantation Capital Limited has acquired two fully leased automotive dealerships for the Strategic Opportunities (Growth and Income) Fund (SOGIF), totalling 19,911sqm of land across Brisbane’s booming Moreton Bay corridor, in a combined transaction worth $26.6 million.
The portfolio, comprising 731–737 Deception Bay Road, Rothwell and 247–249 Morayfield Road, Morayfield, was sold via an expressions of interest campaign run by Colliers Queensland Investment Services experts Hunter Higgins and Luke Hawkins on behalf of a multinational client.
The Rothwell site comprising of an expansive L-shaped 11,212sqm land parcel with a prominent
100 metre frontage along Deception Bay Road sold for $13,200,000, and features three modern showroom suites housing two major automotive brands.
The Morayfield site, situated on a spacious 8,699sqm corner lot, featuring a large hardstand vehicle display yard, customer parking and a modern two-level automotive showroom houses three automotive brands and sold for $13,400,000.
Both sites, owing to their prime locations, possess significant long-term development potential for alternative uses.
Colliers National Director Investment Services Hunter Higgins said demand for the portfolio was high, reflecting the tightly held nature of income-producing assets within the Moreton Bay Region.
“The portfolio was extremely well received, attracting 53 enquiries and seven formal offers. Interest came from private investors, developers and syndicators,” Hunter Higgins said.
“The successful purchaser was motivated and well capitalised allowing due diligence to be completed in a timely manner.
“This unique investment has provided SOGIF with scale and a significant holding in the automotive industry in Brisbane, with significant long-term development potential for alternative uses,” Hunter Higgins added.
Colliers Investment Services Manager Luke Hawkins said the Moreton Bay Region is one the fastest growing areas in Australia and these sites have direct exposure to this thriving catchment.
“With both properties fully leased, offering major road frontage and strong signage potential, they represent secure, blue-chip investments with stable income and strong long-term capital growth prospects,” Luke Hawkins said.
“Plantation Capital has bought into Brisbane at the right time with the city’s $181 billion economy forecast to grow to $239 billion by 2041.
“With $15 billion worth of major infrastructure projects also in the pipeline, Brisbane will continue to attract global interest and maintain its economic momentum for decades to come,” Luke Hawkins added.
Moreton Bay is one of Australia’s fastest growing regions with a population forecast to grow 69.5% to 690,000 by 2041. It is located in South East Queensland, between 20 and 44 kilometres north of the Brisbane CBD.
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